Interactive Intelligence Acquires Latitude
Interactive Intelligence has just acquired Global Software Services, Inc., also known as Latitude Software, which provides debt collection software and services.
In an all-cash transaction, Interactive Intelligence purchased 100% of Latitude's stock at a price of approximately $14 million. Latitude Software has no outstanding debt, and has had an increase in revenue of 46% up from the previous year.
Interactive Intelligence notes some key points about the announcement:
Latitude has built a strong, growing business in the debt collection space - a space where Interactive Intelligence has already done well with its contact center and dialer software.
Through this acquisition, Interactive Intelligence is adding vertical expertise for an "applications-layered" product - a part of the strategy it launched in 2009 with its acquisition of AcroSoft, a provider of content management solutions for the insurance industry.
Latitude products will continue to be sold with other third-party telephony and contact center products. Likewise, the Interactive Intelligence Customer Interaction Center (CIC) software will continue to be sold with other debt collection products, all based on customer demand.
"Interactive Intelligence's acquisition of Latitude Software is the next step in a well planned vertical niche market play," says UCStrategies UC Expert Samantha Kane. "With Latitude, as well as last year's acquisition of Acrosoft, an insurance content management provider, I3 has done an excellent job incorporating their Communication-Based Business Process Automation tool (CBPA) to corner that particular market. Combining Insurance and debt collection applications into a graceful UC strategy makes it hard for other venders to talk about Communication Enabled Business Process when I3 is delivering it."
The Latitude Software suite will be provided by Interactive Intelligence as a standalone solution, integrating it with the Interaction Dialer application and third-party dialer products. Latitude will remain in operation as a subsidiary of Interactive Intelligence, maintaining its current headquarters and continuing to handle 24/7 customer support, as well as providing Latitude customers with product enhancements.