# Hearsay Systems

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/hearsay-systems

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.hearsaysocial.com
- Total disclosed funding: $51M
- Latest round: Series C (Sep 5, 2013)
- Investors on record: 4

## About

Founded in 2009 by co-founders Clara Shih and Steve Garrity and based in California, US, Hearsay Systems, Inc. provides a cloud-based platform for social media management, texting, and local websites, enabling financial services professionals to engage with clients in a compliant and efficient manner. In June 2024, Yext, Inc., a portfolio company of Institutional Venture Partners, Insight Partners, Sutter Hill Ventures, SV Angel, Tuesday Capital, WGI Group, and Marker, agreed to acquire Hearsay Systems, Inc. from Felicis Ventures, Sequoia Capital Global Equities, SV Angel, New Enterprise Associates, newView Capital, Salesforce, and Savano Capital for USD 125 million. The company will receive an additional USD 95 million upon reaching certain milestones. As of August 2024, the company is led by CEO Mike Boese.


Hearsay Systems offers a product suite to support client engagement in the financial services sector. Hearsay Social: This tool enables financial advisors and insurance agents to manage their social media presence across multiple platforms while compliant with regulatory requirements. The company provides pre-approved content, automation features, and analytics to help users optimise their social media engagement. Hearsay Relate, is a texting and voice communication tool that allows financial services professionals to communicate with clients through the preferred channels, including features such as automated reminders, compliance archiving, and call recording. Hearsay Sites: A solution for creating and managing local websites for financial advisors and agents. The features include lead capture forms, pre-approved content, and analytics. Hearsay Actions: This tool uses data analytics and artificial intelligence to guide financial advisors' client interactions. It identifies opportunities for engagement and provides recommendations for actions that improve client relationships and business growth.

## Funding rounds

- Series C, Sep 5, 2013, $30M — New Enterprise Associates, Hong Shan
- Series B, Jul 26, 2011, $18M — New Enterprise Associates, Hong Shan
- Series A, Feb 24, 2010, $3M — Hong Shan, Felicis Ventures, SV Angel

## Investors

- Hong Shan — Series A, Series B, Series C
- Felicis Ventures (https://capitalatlas.ai/funds/felicis-ventures) — Series A
- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Series A
- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Series B, Series C