Hearsay Systems, a global leader in digital client engagement for financial services, is entering a new phase as it gets snapped up by another digital marketing technology giant.
On Monday, Yext, a leading platform for multi-location brands to build their digital presence, unveiled a definitive agreement to acquire Hearsay for $125 million, with the potential for an additional $95 million if specific performance targets are met.
The acquisition aims to merge Yext's digital presence management with Hearsay Systems' compliant engagement solutions across social media, websites, text, and voice channels.
Currently, Hearsay has a place in the tech stack of 260,000 advisors and agents, helping them reduce risk and enhance customer engagement by ensuring all interactions comply with regulatory and brand standards.
“Customers are increasingly looking to consolidate digital marketing channels into one platform,” Michael Walrath, CEO and chair of the board at Yext said in a statement. “Yext already provides access to more channels than any other provider.”
By cross-pollinating Hearsay’s technology into its platform, Walrath expects Yext “will bring instant value to our regulated customers,” with “an opportunity to bring these solutions to other industries.”
Leading financial firms rely on Hearsay's compliance-driven platform to scale their reach, optimize customer engagements and deliver exceptional client service.
The fintech provider’s solutions also have several integrations with major CRM systems, including a significant partnership with Salesforce. In 2020, Hearsay received an investment from Salesforce’s VC arm, which acquired a minority stake in Hearsay’s business.
“Hearsay Systems has a long history of innovation for financial services, building transformational client engagement solutions and successfully bringing AI to a highly regulated industry,” stated Michael Boese, CEO of Hearsay Systems. “We've only just begun to see the opportunities for AI in digital marketing.”
The acquisition is anticipated to close in the second half of Yext's fiscal year 2025, ending January 31, 2025, pending regulatory approvals and other customary closing conditions.
Union Square Advisors, a technology-focused investment bank, advised Hearsay Systems on the deal.
"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.
Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.
The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
