LivePerson News
14 articles
Once seen as a transformative solution for customer service, LivePerson now contends with fierce competition and a shifting market landscape.
LivePerson, a company specializing in customer service technologies, is facing significant challenges due to increased competition and a shifting market landscape. The companys recent quarterly report revealed a 26% year-over-year revenue decline, marking the fourth consecutive quarter of decreasing revenue. This has led to a 23% drop in its share value in Tel Aviv, with a current valuation of approximately $62.8 million. The company has also announced layoffs of 30 employees in Israel as part of a restructuring effort to reduce operating expenses. Additionally, LivePersons founder, Robert LoCascio, departed earlier this year, influenced by activist investor Starboard Value, which has criticized the companys leadership and board composition. Despite efforts to leverage AI technology, LivePerson continues to struggle with revenue growth.
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Down 94% from the peak: What went wrong at LivePerson
The share price of LivePerson plunged more than 50% due to weak financials and projected decline in revenue. LivePerson provides SaaS solutions for customer service using AI and automation. Despite the potential for growth during the pandemic, the company did not benefit as much as expected and faced competition. The share price had previously reached a peak market cap of $4.7 billion but has since declined significantly. LivePerson projects a decline in revenue for the first quarter and the rest of the year, disappointing investors. Analysts do not give the stock a positive rating, and Credit Suisse adjusted its recommendation to Neutral. The company plans to cut costs and exit non-core business in an effort to recover.
Customers
LivePerson Announces Proposed Private Offering of $450 Million of Convertible Senior Notes Due 2026
LivePerson, Inc. plans to offer $450.0 million aggregate principal amount of Convertible Senior Notes due 2026 in a private offering to qualified institutional buyers. The Notes will be senior, unsecured obligations of LivePerson and will bear interest payable semi-annually. The company intends to use the net proceeds for general corporate purposes, including acquisitions or other strategic transactions. LivePerson also expects to enter into capped call transactions to reduce potential dilution to holders of its common stock upon conversion of the Notes. The capped call counterparties may engage in activities that could affect the market price of LivePerson common stock or the Notes. The Notes and any shares of LivePerson common stock issuable upon conversion have not been registered under the Securities Act of 1933.
Investment
LivePerson to lay off 30 Israelis in the wake of a new deal with India's Infosys
A strategic partnership agreement between LivePerson Inc. and Infosys Ltd. will result in layoffs for LivePersons Israeli team. Infosys will shift LivePersons cloud-based activity to the public cloud, leading to the layoff of 30 Israeli employees and the transfer of 30 others to work for Infosys. The partnership aims to reduce costs and upgrade LivePersons cloud service. LivePerson is a publicly-traded software company that provides customer engagement solutions. The partnership with Infosys is estimated to be worth tens of millions of dollars per year. The transition is part of LivePersons response to the increased demand for its customer engagement platform during the Covid-19 pandemic. LivePerson previously announced a shift to a work from home model.
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LivePerson CEO Rob LoCascio explains how personal tragedy led his company to abandon the office
LivePerson, the conversational AI software company, is pivoting its business to work entirely from home. The company will close all 17 of its global offices and allow employees to work remotely. The decision was influenced by the tragic loss of an employee to Covid-19 and aims to make every employee feel safe and comfortable. LivePersons solution helps businesses increase conversion rates and reduce customer care costs. The move will save the company millions of dollars spent on office space and allow for more flexibility for employees. The estimated date for the permanent transition is August 2020.
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LivePerson is giving up its offices, switching to full WFH model
LivePerson Inc., a publicly traded customer engagement company, has decided to shift to a full work from home (WFH) model until a vaccine for Covid-19 is found. The company conducted an internal survey and found that 70% of its employees prefer to stay home. The shift will result in savings of an estimated $12-15 million per year from office real-estate rentals. LivePerson will provide a budget for co-working space rental in various locations and allocate $300 for employees to purchase office equipment. The savings from foregoing office rentals will be given to employees in the form of discounts on vehicle leasing expenses, new computer equipment, and other expenses. The company expects to grow in the second quarter and has a valuation of $2.74 billion.
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"The pandemic has forced companies to seek out automation," LivePerson Israel GM on the Benefits of Working with Bots
LivePerson Inc., a Conversational Cloud company, has experienced an 18% increase in revenue due to the Covid-19 pandemic. The companys Conversational Cloud platform allows brands to engage with consumers through automated, personalized conversations on popular messaging channels. The pandemic has presented LivePerson with an opportunity as businesses have had to shut down their call centers and rely on digital platforms for customer service. LivePerson signed 130 deals in the first quarter of 2020, including new and existing customer contracts. The companys stock has soared on Nasdaq and the Tel Aviv Stock Exchange. The pandemic has also forced LivePerson to adjust its workflow and work from home, which has surprisingly improved productivity. LivePerson is optimistic about the future and believes that companies will continue to invest in automatization and digital platforms.
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In Israel, People Know How to Make the Best Out of Extreme Situations, Says LivePerson Exec
Yuval Matalon, general manager at LivePerson Inc., discusses the impact of the Covid-19 crisis on the Israeli tech sector. The company has moved to a work from home module and is ensuring compliance with health ministry regulations. They are also supporting their customers, particularly call centers transitioning to remote work, through their AI-based communication platform. Matalon believes that the crisis will have a positive impact on the Israeli tech sector, as people in Israel are known for their ability to adapt and innovate. He emphasizes the importance of investing in employees, listening to customers, and maintaining productivity, creativity, and innovation during tough times.
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Customer Engagement Companies LivePerson, TTEC Partner on Customer Service Bots
LivePerson has partnered with TTEC Holdings to collaborate on automatic customer service bots. The partnership aims to help companies transform their customer service centers using AI-based technologies. LivePerson is a customer engagement company that develops a cloud-based system for direct customer interaction across various channels. The companys clients include Home Depot, Lowes Companies Inc., and Rakuten. LivePerson was founded in 1995 and is listed on Nasdaq and Tel Aviv stock exchanges. The company has two research and development centers in Israel.
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Customer Engagement Company LivePerson to Expand Israeli Operations
LivePerson Inc. is expanding its Israeli branch and plans to add 50 additional employees to its current workforce of 350 employees. The company develops a cloud-based system for customer engagement and has clients such as Home Depot, Lowes Companies Inc, and Rakuten. LivePerson has two research and development centers in central Israel. The companys chief technology officer, Alex Spinelli, mentioned that Israels tech personnel have expertise in cybersecurity and machine learning. LivePerson also expects to expand its support for engagement in evolving domains like autonomous vehicles.
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EBay Executive Appointed General Manager of LivePerson Israel
LivePerson Inc. has appointed Yuval Matalon as general manager of its Israel branch. Matalon was previously the general manager of eBay Israel.
Management Changes
SaaS co Liveperson back on the growth track
LivePerson Inc. has reported growth in the third quarter of 2017 after a period of revenue decline due to a platform transition. The companys share price has increased by 44% since the beginning of the year. LivePerson provides software as a service (SaaS) solutions for managing connections between enterprises and customers. The company has expanded its business in Israel and is opening a branch in Tel Aviv focused on artificial intelligence. LivePersons CTO, Eran Vanounou, discussed the challenges of the transition period and the importance of meeting customer expectations in the digital sector. The companys main competitors include Oracle, Salesforce, Nuance Communications, Google, Facebook, and Apple. LivePerson is aiming to return to profitability and plans to continue its presence on the Tel Aviv Stock Exchange.
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Israel-loving CEO: This is the best place to do tech
LivePerson, a US company that provides help services for online businesses, is committed to Israel due to the high quality of work it gets from its workers there. The company has been in Israel for fifteen years since acquiring HumanClick in 2000. LivePerson has about 8,500 customers, including small businesses and large websites. It has developed technologies to enhance sales for these companies and has been successful. LivePerson introduced a new campaign at a tech festival in Tel Aviv, aiming to replace 800 help numbers with its callback system. The company wants companies to adopt chat and text messaging for customer service instead of phone calls. LivePerson has 400 employees in Israel and is growing 18% a year. It is listed on the NASDAQ and the Tel Aviv Stock Exchange.
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A helping Internet hand for shoppers, via Israeli tech
LivePerson, a New York-based company, dual-listed itself on the Tel Aviv Stock Exchange in 2011. The company provides help services for online businesses through chat services and customer engagement. LivePerson has 8,500 customers, including small businesses and large websites. The company has seen a revenue increase of 18% in 2012. LivePerson has acquired several Israeli companies and has a strong connection to the Israeli technology community. The CEO emphasizes the importance of successful engagement for websites to increase sales.
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