QBox corp sale to Cyara inc advised by law firm IBB

Reading-based start-up QBox, owned by Volume Group, was recently sold to Silicon Valley-headquartered Cyara inc and law firm IBB acted as advisor.

QBox is a world leading software-as-a-service (SaaS) conversational AI performance management and testing solution.

READ MORE: Artisan AI raises $2.3M pre-seed

Its solution helps companies already using Natural Language Processing (NLP) based chatbots to better understand the quality of their training data to improve overall performance and to scale.

It can assess the chatbot's understanding and processing of natural language, which is crucial for ensuring accurate and relevant responses.

Meanwhile, Cyara's AI-powered CX Assurance Platform empowers enterprises to deliver flawless interactions across voice, video, digital, and chatbot experiences.

The IBB team on the transaction consisted of Adam Dowdney, Andrew Hayward and Sonia Jordan (partners) and Fiona Kelleher, solicitor in the corporate and commercial team, Richard Devall, partner in the employment team and IBB's intellectual property specialist, Alicia West,

Dowdney said it was a "strategically important" transaction for Volume.

"QBox is a fantastic product and we look forward to following its further development within Cyara’s ownership," he said.

"The transaction which involved an initial hive down of the QBox business, had a number of complexities and the strength and depth of the IBB team enabled us to find solutions and a clear path to a successful completion for all involved."

Chris Sykes, CEO of Volume, added: "I’m delighted we had IBB by our side throughout this transaction. Acquisitions can be complex, and with a significant time difference between seller and acquirer, you need flexibility and a 'can do' attitude, particularly towards the end of the process."

Visit Hampshire Biz News for bright, upbeat and positive business news from the county