Lightico acquires Vizolution after laying off 25% of workforce
Lightico acquires Vizolution after laying off 25% of workforce
The Israeli fintech startup will double its headcount following the acquisition that aims to create a global leader in B2B2C digital completion for the financial services and telecom industries
Israeli fintech startup Lightico, which provides companies and organizations digital customer interactions, announced on Monday its acquisition of leading European customer experience technology provider, Vizolution.
The merger aims to create a global leader in B2B2C digital completion for the financial services and telecom industries, with clients including Capital One, GM Financial, HSBC, Santander Consumer Finance, NatWest, BNP Paribas, TD Bank, and telecom companies including, BT/EE, VMO2, and Three.
The deal will combine Vizolution's agent-assisted and self-serve solutions with Lightico's compliant digital completion platform, including its workflow-integrated eSignature, document collection, and identification and verification services.
Lightico embarked on a second round of layoffs in February, firing 20 employees, which accounted for 25% of its workforce at the time. The company parted with 20 employees in the first round of layoffs in March of last year.
Vizolution's team will join Lightico's organizational structure with Zviki Ben Ishay, Lightico's CEO, at the helm and Bill Safran, Vizolution's CEO, transitioning to Chief Strategy Officer for the 150-person company.
"As customer expectations for service companies to offer seamless, digital experiences continue to soar, bringing Vizolution into the Lightico fold will result in a more robust platform devoted to helping businesses deliver world-class digital experiences," said Ben Ishay. "With this acquisition, we are combining the leading digital completion solutions in North America and Europe to become the de facto global leader, and are well-positioned and fully funded to scale rapidly across the financial services and telecom industries where demand is at an all-time high."
Lightico raised $14 million in a follow-on Series B funding round led by Capital One Ventures in July 2021, bringing the total round to $27 million. Joining the round were Hapoalim Bank, which also integrated Lightico’s services into its operations, and previous investors lool Ventures, Crescendo Venture Partners, and Mangrove Capital Partners.
Lightico was founded in 2015 by CEO Zviki Ben-Ishay, COO Omri Braun and CTO Justin Josh.
