Mobile customer engagement solutions provider Sinch has agreed to acquire myElefant, the mobile engagement platform, for €18.5 million with a cash earnout of €18.5 million in two years after reaching certain gross profit targets.
Founded in 2010, myElefant is a Paris-based cloud-based software platform for mobile engagement. It uses interactive messaging and provides design tools for businesses to create immersive media experience that requires minimal coding experience.
The company was early to adopt conversational messaging technologies like Facebook Messenger and WhatsApp.
In 2018, myElefant generated revenues of €10.5 million and a gross profit of €3.1 million. It has 41 employees in Paris and Bordeaux.
“Through advanced yet easy-to-use software, myElefant has successfully shown how next-generation messaging can drive tangible and measurable business outcomes,” said Oscar Werner, Synch’s CEO. “With myElefant as a part of Sinch, we can offer our global customer base and established ecosystem partners a sophisticated software platform, with powerful real-time analytics, that offers a step-change in customer experience.”
The Software-as-a-Service (SaaS) platform by myElefant is being used by over 160 enterprise customers, such as Orange, Nespresso and Nissan.
By creating advanced mobile landing pages unique to a recipient, businesses combine rich media capabilities with SMS, interactive features and media analytics.
The company’s own data shows that simple messages engage consumers for an average three seconds, whilst rich messages can keep audience attention for 45 seconds. Meanwhile, conversational messages deliver a 2-minute engagement.