Retail software firm Qudini has been acquired by NASDAQ-listed customer engagement company Verint.
The deal signals an exit for North West-based investor – Seneca Partners EIS Portfolio Fund – the generalist EIS specialising in the provision of growth capital and strategic support to ambitious SMEs
Launched in 2012, appointment scheduling business Qudini saw a market opportunity and began targeting the growing need for scheduling and customer choreography in retail and banking, working with clients such as Specsavers, O2 and NatWest.
Seneca invested in Qudini in March 2019, working with founders Imogen Wethered and Fraser Hardy to grow the business in both the UK and now notably in the US market.
The deal represents Seneca Partner’s 36th realisation from its EIS Portfolio, further enhancing its reputation as one of the UK’s leading EIS investment managers.
Verint works with more than 10,000 organisations, including 85 Fortune 100 companies – helping global brands to establish long-lasting customer relationships by improving how they manage their workforce, data and experience.
With the acquired technology, Verint delivers additional capabilities to help brands close the gap between what organisations need to do to meet rising customer expectations and the resources they have to do it.
Matt Currie, head of growth capital at Seneca Partners, said: “At a time when investment horizons for growth capital providers are being pushed out further and further, the sale of Qudini in under four years represents a great result for our investors.
“The retail market is as challenging as it has ever been, so delivering a positive outcome for our investors in Qudini is very pleasing.
“Having navigated the Covid landscape successfully, the business is continuing to see significant growth and from the moment we began conversations, there was clearly a great fit with Verint. We look forward to seeing Qudini continue to thrive as part of the wider group.”
Imogen Wethered, co-founder and CEO of Qudini, said: “Seneca’s support came at an important time and Fraser and I will always be grateful for being given the investment Qudini deserved to reach this historic milestone.
“Whether you look at it from a strategic, cultural, or technological perspective, Verint and Qudini are the perfect fit. We share the same core values and always put innovation first to better serve our customers. I’m thrilled that we’re joining with Verint to create a centralised platform that enterprise retailers and banks can use to engage with customers in a single place.”