Even 14 years after the fact there are still some private companies very much alive-and-kicking after the dot-com bubble burst.
In the wild world of automated customer response, no company has been less wild than [24]7 — the Sequoia-backed, Mike Moritz-directed provider of automated customer service tools, which survived the 2000’s tech crash. The company has quietly built a business doing $255 million in revenue by selling customer service tools to very very large businesses.
The company tracks what customers do on websites, through a company’s social media channel, and on mobile devices to provide a holistic view of a customer’s activity should they ever need support or assistance. IntelliResponse, another hold-out from before the dot-com bubble, provides automated online chat messaging and support.
Now, [24]7 is buying IntelliResponse for an undisclosed amount to fold its artificial intelligence-enabled customer service chat tools into the [24]7 platform of companies.
Despite its long gestation period, Sequoia still has high hopes for [24]7. “We believe in the long-term viability of the company,” says Sequoia
Founded by PV Khanna, [24]7 initially began with $7 million of the founders’ money. Sequoia put in and additional $7 million in capital in 2003 and the company never looked back.
“Consumers are getting used to getting everything in the cloud and [integration] is a pain the ass if you tried to do it with most enterprises today. The problem is not getting a mom and pop store
up and running with this technology. It’s how do you get a large bank to do it,” says Khanna.
To that end, Khanna and [24]7 have focused on rolling up the largest 250 enterprises. Following the acquisition, all 60 of IntelliResponse’s current employees, including chief executive David LLoyd, will remain with the company.
Featured Image: GDS Infographics/Flickr UNDER A CC BY 2.0 LICENSE
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