Both startups had gotten some buzz in recent months, but Dialpad, the acquirer, was far bigger, having raised $70 million and carrying a valuation of about $250 million, according to PitchBook. TalkIQ had raised about $22 million in funding.
TalkIQ CEO Dan O’Connell will join Dialpad’s board of directors and serve as general manager of its voice AI unit as a result of the acquisition. Terms of the deal weren’t disclosed, but a source with knowledge of the transaction says that Dialpad paid a little under $50 million for TalkIQ.
The TalkIQ functionality will be incorporated natively right into the Dialpad suite of apps, which includes voice and video along with customer service call center management and UberConference for conference calling. “Part of why we wanted to go all the way and acquire this technology was that we wanted it to be seamless and integrated and simple and not weird for end users,” Walker said.
The initial offering called VoiceAI will include real-time transcription along with smart notes, which automatically pick out the salient points in a meeting or call. It also comes with the real-time sentiment analysis and coaching for call centers.
Starting today, customers will be offered the opportunity to opt in on the new functionality and can use it for free during the Beta period. They will begin charging for it in July, but are still working out exactly how that will work. It could come with a certain amount of the AI-fueled functionality for free and then higher paid tier for more advanced functions.
The deal closed a few weeks ago and TalkIQ’s 29 employees are already part of the company with the San Francisco-based employees moving into the Dialpad headquarters. The TalkIQ engineering team will continue to work out an office in Waterloo, Ontario.
Dialpad was founded in 2011 and has raised $70 million. TalkIQ was founded in 2014 and has raised $14 million.