Funding Aims to Support Company’s International Growth Strategy and Accelerate Innovation in Omnichannel Customer Support Solution
HERZLIYA, Israel, October 28, 2021--(BUSINESS WIRE)--CommBox, a SaaS-based omnichannel customer support solution that enables enterprise customer support teams to seamlessly communicate with their customers over a variety of communication channels, today announced a growth investment from PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies. PSG’s Tom Reardon, Managing Director, and Chris Nesbitt, Principal, will join CommBox’s Board of Directors. Eli Israelov and Yaniv Hakim, Founders and Co-Chief Executive Officers of CommBox, along with current members, will remain on the Board. Financial terms of the deal were not disclosed.
"We’re proud to work with our customers as we continue on our mission to help companies move to digital and automated customer communication at scale," said Eli Israelov and Yaniv Hakim, Founders and Co-Chief Executive Officers of CommBox. "Our technology seeks to alleviate pressure on customer service teams by providing an all-in-one customer communication platform that includes a wide variety of channels, including WhatsApp. Through PSG’s strategic investment, we seek to broaden our capabilities and operating localities as we provide this enterprise-grade solution to our company’s valued customer base."
CommBox was established in 2013 by Eli Israelov and Yaniv Hakim (founders) and Ewave Group (Rafi Gabay, Chairman of the Board, Ewave, and Oren Shuster, Board Director, Ewave), and is led by industry veterans with experience in scaling startups and omnichannel SaaS software platforms.
CommBox aims to provides a mission-critical product that simplifies the way customer support teams communicate with their customers. The company’s AI-powered platform consolidates incoming support requests into a single inbox regardless of channel and enables customer support teams to interact with their customers much more efficiently, improving customer satisfaction.
The platform’s ability to easily integrate with existing operational systems has positioned it as a technology of choice for over 200 companies, including Ikea, Kimberly Clark and AIG. With CommBox’s strong enterprise customer base, the company has leading net retention rates, as customers continue to expand their use of the platform.
"We believe that CommBox has developed a strong, highly scalable software platform and is well-positioned to address the needs of a large and rapidly growing market, especially as organizations look for new ways to provide a seamless, automated experience to their customers," said Chris Nesbitt, Principal at PSG. "We’re thrilled to partner with this founder-led management team and support CommBox as it seeks to expand locally in Israel and internationally, particularly in the U.S. and Europe."
Yigal Arnon & Co. served as legal counsel to PSG, and Raz, Dlugin & Co. served as legal counsel to CommBox.
Founded in 2013, CommBox revolutionizes customer communication with its AI-powered omnichannel solution. Using the CommBox platform, companies and enterprises can provide a unified customer experience at the highest level while managing all customer interaction across all channels (website chatbots, messaging, emails, social media, etc.) in one smart inbox.
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 85 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.
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Prosek Partners (on behalf of PSG)