LivePerson Inc. (NASDAQ:LPSN) Q1 2018 Earnings Conference Call - Final Transcript
May 03, 2018 • 05:00 pm ET
customer events, partners and product are the underlying drivers of our renewed growth trajectory. They are expanding our sales pipeline, increasing product differentiation and fueling adoption with new and existing customers. Case in point is the strong activity we generated in the first quarter, which included signing upsells and new contracts with some of the world's best known brands.
We discussed on the last call how early in the first quarter, we signed a strategic seven-figure expansion with Sky, a leading European entertainment company. Sky is extending LiveEngage beyond IVR deflection and broadly deploying messaging and AI across multiple business endpoints. This is a prime example of how customers steadily expand with LivePerson across use cases and messaging channels.
Another example is a two-year mid-six-figure expansion we signed with one of the world's top 20 largest financial institutions. This global bank is looking to boost agent productivity and build stronger relationships by letting consumers connect with them through conversational and messaging. This customer just went live on in-app messaging and in subsequent plans to go live in Apple Business Chat and IVR deflection. There are also plans to introduce bots, enabling the brands to provide an even higher level of service by powering human-and bot-based conversations through one platform.
We also signed a three-year mid-six-figure expansion with a North American-based Fortune 100 telecommunications provider. This company has plans to eliminate more than 100 million 800 number calls over the next few years and to double productivity in its contact center by shifting voice to messaging and leveraging bot automation. As part of this expansion, we are replacing two competitors across several internal lines of business. We anticipate steady growth from this customer over the coming years as we fuel continued adoption.
With LiveEngage, our opportunities are extending beyond even traditional care. A good example of this is we are starting a pilot at one of the major league baseball stadiums with one of the large food and beverage concession companies. In this example, people will be able to order their food and beverages directly from their seats through Apple Business Chat using a bot on the LiveEngage platform. It's a unique use case but really interesting when you think about how conversational commerce is going to be pervasive and how we connect and do commerce the world.
Other key wins in the first quarter include a new seven-figure contract with one of the leading online gaming companies and mid-to high six-figure deals with a top 10 automotive OEM, a leading European mortgage provider, several of the world's largest telecommunications companies, the credit arm of a Fortune 100 apparel retailer and US auto and home insurance provider. The demand we are seeing stems from a need among large enterprise to transform how they communicate and connect with consumers. Brands are under intense pressure to improve the customer experience and build lifetime value while simultaneously reducing operating costs.
The legacy platforms they've traditionally relied upon to solve these problems, the 800 number