A German AI agents startup is being acquired by a US customer service company in a near $1bn deal, in what is thought to be Europe’s biggest AI exit to date.
German startup Cognigy, founded in 2016, is backed by Insight Partners, DN Capital, Global Brain, and Nordic Makers.
It is being acquired by NiCE, a US customer service firm headquartered in New Jersey and listed on the Nasdaq and Tel Aviv stock exchanges in a $955 million deal.
According to Thomas Rubens, partner at DN Capital, the deal marks “Europe’s largest ever AI exit”.
He added: “This is a major milestone for European tech and a signal of what is to come in enterprise AI.”
Scott Russell, CEO of NiCE, said: “This is a landmark moment for NiCE, a strategic move that fast-tracks our AI innovation agenda and sets a new standard for customer experience in the AI era.
“By bringing a market leader in enterprise-grade conversational and agentic AI into the fold, we are accelerating global AI adoption, expanding into new global markets, and creating game-changing value for our customers, partners, and shareholders.”
Cognigy, which has raised more than $150m, manages AI agents that can handle up to tens of thousands of customer conversations at the same time.
It has around 175 customers across over 1,000 brands, including Toyota and Bosch and has offices in Düsseldorf and San Francisco.
NiCE says the acquisition will speed up AI adoption across the front and back office.
Philipp Heltewig, co-founder and CEO of Cognigy, said: “This transaction represents a pivotal step forward for Cognigy, one that brings immense opportunity for our customers and employees.
“Together, we are uniquely positioned to shape the future of customer experience, uniting the best of trusted AI and human interactions.”