Coinbase, one of the world’s leading cryptocurrency exchanges, today announced that it is acquiring India-based AI-powered customer support platform Agara.
Financial terms of the deal were not disclosed but two people familiar with the matter told Techcrunch that the size of the deal is between $40 million and $50 million.
The acquisition reinforces Coinbase’s commitment to providing world-class support for customers and brings Agara’s expertise in machine learning and natural language processing to Coinbase’s engineering team, according to the announcement post.
Coinbase also underlines that the acquisition of Agara is an important step in establishing the company’s technology hub in India.
Coinbase, which has increased the number of support staff headcount by 5x in the last few months and announced that it will offer 24/7 phone support and live messaging by the end of the year, plans to leverage Agara’s “Deep Learning” and “Conversational Artificial Intelligence” to automate and improve customer experience tools.Through this acquisition, the company will be able to offer its customers new personalized, smart and real-time support options.
Founded in India four years ago and currently serving in the USA, Agara has so far secured $7 million from Blume Ventures, RTP Global, UTEC Japan and Kleiner Perkins. Agara has expertise in machine learning and natural language processing, which it uses to enhance the user experience. The startup, which employs more than 40 people, brings together several large customers around the world and integrates with a number of popular services such as Salesforce, Shopify and Twilio.
The deal is expected to close later this year.