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This week, we sat down and talked with Alfred "Chip" Kahn IV, the founder and CEO of OvationCXM, to find out more about the "what" and "why" of the news shared by the company this week.
What was the big announcement OvationCXM made?
Chip: The first was we announced a new round of funding - $20 million in a combined Series C and debt funding round, which brings our overall capital raised to date to more than $40 million. Our CXMEngine platform is driving tremendous outcomes for our enterprise clients. We’re eager to build on those results with existing customers and expand our reach to more businesses. With our investors' backing and strategic support, we’re in a strong position to sustain our strong growth and deliver better customer experiences through innovation.
The second was a new name to better convey our category leadership and the business outcomes we facilitate for our customers. The name OvationCXM more clearly defines who we are, what we do and where we are going in the future.
The third was the tremendous year-over-year bookings growth of 600% for our flagship product, CXMEngine.
And finally, we announced major logo wins of enterprise-level partners, further validating our mission. We have 200 customers that support millions of businesses, and we are transforming how customer experience is being optimized and managed by Tier-1 banks and top enterprises spanning retail, SaaS, financial services and payment processing, and healthcare industries. KeyBank has expanded its partnership with OvationCXM, and additionally, we have broadened our client list to include Coca-Cola, Nuvei and Alviere among others.
What prompted the OvationCXM name change?
Chip: When we started Boomtown, our end-customer focus and passion was, and still is, small business. Boomtowns were locations where small businesses historically saw success. Our go-to-market motion to this market segment (also from the beginning) was by enabling our clients to better serve and help their SMB end-customers thrive.
While our market focus has not changed, several positive things have happened over time. Our financial services ecosystem clients have become larger and the spectrum of businesses and partners they serve is broader. Our clients started using our software platform, CXMEngine, for visibility, collaboration, communication, and real-time customer journey orchestration without us providing the service layer. This is now the large majority of our new business.
One of the things we struggled with was what do you call this? What category are we in? We are not a System of Record, System of Engagement, or Voice of Customer company. We do certain aspects of those functions, but our differentiation is low/no code journey orchestration, AI coaching, and a first-of-its-kind data network for secure, seamless multi-product journeys that span organizations. We realized we are enabling real-time Customer Experience Management (CXM).
This rebranding aligns us with CXM category leadership while concisely visualizing our mission – helping our clients get standing ovations from their customers.
What makes OvationCXM unique?
Chip: Most importantly, it's the powerful business outcomes we deliver to our clients. They experience higher revenue, happier customers, less churn, lower support costs, and better employee satisfaction. What's great is that our clients keep the legacy systems they have just as they are.
CXMEngine changes how customers experience those systems - and for the better! We’ve bundled the capabilities and advantages of a network with inherent dynamic orchestration in an easy-to-implement SaaS solution.
What makes OvationCXM unique for banks and financial services?
Chip: Commercial banks have a major challenge serving their clients because they have so many products, and many of those products come from the partner ecosystem. The result can be a very disjointed customer journey requiring a business to traverse multiple parties to receive, activate, onboard and get service for those products.
CXMEngine brings all of that together in a holistic ideal customer journey, and makes it seamless for customers to navigate through a commercial bank’s ecosystem.
What are some of the benefits that OvationCXM provides to its partners?
Chip: First, they achieve deeper penetration for existing products, which leads to higher revenue and lower operating expenses. That means higher gross margins. They also have happier customers, which means higher retention and lower churn.
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