27 Feb 2018 | 01.15 pm
Altocloud Acquired By US Firm Genesys
Galway venture co-founded by Barry O’Sullivan
27 Feb 2018 | 01.15 pm
Altocloud was founded in 2013 by Dan Arra, Joe Smyth and Barry O’Sullivan (pictured), beginning life in NUI Galway. The firm has developed a Saas customer engagement platform, using voice, video, and messaging interactions. It uses real-time machine learning to provide data on customer behaviour and lead generation.
Altocloud is based in the Portershed hub in Galway city and operates an office in Silicon Valley too. Genesys said that it will retain the Galway office and all Alto digital employees, as well as investing in its new Irish base and creating jobs.
Headquartered in California, Genesys specialises in customer experience software and call centre solutions. It has more than 10,000 companies in 100+ countries, among them An Post, Emirates and PayPal.
Barry O’Sullivan, the CEO of Altocloud, is a well-known entrepreneur and is currently one of the investors on RTE’s Dragons’ Den show. Originally from Cork, O’Sullivan was a senior VP at Cisco before leaving it in 2014 to join Altocloud as co-founder and chief executive.
Altocloud’s software development team is based in its Galway headquarters, while a sales and marketing outfit operates from its Silicon Valley office. Filed accounts for 2016 show that Altocloud Limited had accumulated losses of more than €3m, closing the year out with a net deficit of €2.3m.
The firm had 16 staff on its books in 2016 and announced plans to hire additional IT staff. Altocloud announced a $2m fundraiser in 2015 to help fund its US expansion. The round was led by Delta Partners, ACT Venture Capital and Digicel Group, and brought to $3m the total raised by the firm. Enterprise Ireland has also invested at least €500,000 into Altocloud.
“The acquisition of Altocloud bolsters our ability to optimise and connect the entire customer journey to ensure the best business outcomes,” said Paul Segre, CEO of Genesys.
Barry O’Sullivan (56) will be remain on in a consultancy role with Genesys. He said that that Altocloud was developed to provide a more dynamic way to drive better business results by taking advantage of the power and potential of AI.
“We started Altocloud with the idea of transforming customer journeys using artificial intelligence. This fits perfectly with the Genesys vision of ‘blended AI’, which works seamlessly with live agents to solve customer problems faster and more efficiently,” he said.
“Both companies are all in on cloud. The Altocloud engineering team built our platform from the ground up as a horizontally scalable microservices-based architecture. Genesys embraces the same principles across its entire portfolio.”