Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Finali, provider of integrated self-service and live help systems, will use a new investment of $5.3 million to expand.
Finali Corp. has closed a new $5.3 million round of financing, which the company says it will use to expand operations. Investing in the new round are Boulder Ventures, Mobius Venture Capital, Sequel Partners, The Hillman Co. and Hexagon Investments. Finali, based in Westminster, CO, provides outsourced offline and online customer service products, including the automated netSage Virtual Agent.
Finali’s offering provides an integrated suite of services that combine automated help with live assistance as needed. Service can be configured to move from automated, self-service to live help for online customers as needed, and the company’s business model is based on deploying the appropriate assistance to lower customer service costs. Six weeks after implementing Finali’s solution, Buy.com, for example, reduced customer care costs as a percentage of revenue from more than 2% to less than 1% and its average cost per customer contact from more than $5 to less than $2, the company says. The number of customer queries resolved on first contact increased from less than 50% to more than 80% .
Finali is benefiting from two trends in the online customer service marketplace: outsourcing and online retailers` increasing dependence on customer self-service where possible to reduce cost. “Investors are showing continued confidence in Finali’s business model. Our management team has proven itself successful with customers and that translates into measurable achievements in meeting financial and operations goals,” says Bob Burgin, Finali’s CEO.