Mindshare Technologies, the provider of survey technologies and realtime customer feedback solutions, announced today that it has received a $20 million investment from Sorenson Capital, a private equity firm that specializes in buyout and growth equity investments. The PrivateBank and Trust Company also contributed to the investment, which will be used to accelerate product growth and ramp up hiring.
As part of the investment, Fraser Bullock, managing director of Sorenson Capital and former COO of the 2002 Salt Lake Winter Olympics as well as Ron Mika, a co-founder and managing director of Sorenson Capital, will be joining Mindshare’s board of directors.
Mindshare Technologies provides companies with automated survey and feedback management tools that allow businesses to more effectively interact with their customers and employees, improve customer satisfaction, and encourage customer loyalty. The company also develops and utilizes custom speech and text analytics to allow businesses to automate their customer feedback, using these text analysis tools to pull out key phrases, and save companies from hiring a giant customer relations department.
Different from CRM and the Salesforces of the world, Mindshare instead works with enterprises to build “Enterprise Feedback Management” solutions, which allow these businesses to collect, analyze, consolidate, and use feedback sources from a variety of channels to improve business operations and profitability. Using its proprietary survey technology to capture the voice of the customer in realtime, Mindshare works with businesses to transform this unique data into actionable intelligence and reporting.
The company currently completes more than 175,000 surveys each day in 106 countries, 28 languages, and 25 different industries. According to the team, in August 2011, the company recorded monthly revenues of more than $1.6 million, and grew revenues at 33-percent in 2010. Mindshare currently works with brands like Arby’s, Hertz, Tony Roma’s, Comcast, Marriott and more to improve customer interaction and loyalty.
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