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The all-cash deal gives MoEngage access to technology that assigns AI agents to individual customers.
Indian customer engagement software firm MoEngage has acquired San Francisco-based startup Aampe in an all-cash deal, betting that AI agents that make decisions for individual customers will become the future of marketing.
MoEngage did not disclose the financial terms of the transaction, but a source familiar with the matter told TechCrunch that the all-cash deal was worth tens of millions of dollars.
Founded in 2020, Aampe develops software that assigns a dedicated AI agent to each customer, allowing brands to personalize messaging based on individual behavior rather than traditional audience segments and campaign rules. The startup has more than 30 customers across the U.S., Europe, and Asia-Pacific, and grew annual recurring revenue by 150% over the past year, MoEngage co-founder and chief executive Raviteja Dodda said in an interview.
Dodda told TechCrunch that the acquisition will help it win customers using rival marketing platforms such as Salesforce and Adobe.
“A large part of our growth is driven by migrations of enterprise customers from Salesforce Marketing Cloud and Adobe Experience Cloud,” Dodda said.
MoEngage recently signed three to four multimillion-dollar annual contract value deals with customers that switched from Salesforce, Dodda said. He’s hopeful that the Aampe acquisition will help him win more of such customers.