Spectrio announces acquisition of living communication and engagement technology company, LifeShare Technologies

United States: Spectrio, a leading provider of in-store marketing solutions and known for cultivating highly engaging consumer experiences through powerful, professionally produced content, acquired LifeShare Technologies, a technology company that connects families, residents, and staff at senior living communities using its communication platform.  Spectrio has been active in its acquisition strategy. In June 2019, the company acquired Media Distribution Solutions, which powers digital marketing by providing creative video content for small to mid-size businesses.  

Vice President (Technology) of Spectrio stated that, “More and more business owners are leveraging industry-specific applications and platforms to help run their businesses. Acquiring companies with unique technology solutions, such as LifeShare, allows us to boost the resiliency of our solutions for clients across many industries.”

Founder and CEO of LifeShare Technologies further said that, “Staying connected socially with your family and your community is a major factor in quality of life and engagement, not just for people in the senior living environment but for anyone. We are excited to join Spectrio to take our vertical-focused platform for the senior living industry and find innovative ways to share it with clients across other verticals and in different settings.”

According to TechSci Research, acquisitions have always been Spectrio’s key growth strategies. The buyout of Media Distribution Solutions has been a key catalyst. With this acquisition, Spectrio added the feature of on demand video production and an online video marketing platform to its suite of digital marketing services. Spectrio’s sustained focus on expanding its business through strategic acquisitions and investments will drive growth over the long run. Further, the LifeShare buyout will help Spectrio fortify its competitive edge against rivals like Easy on Hold, Please Hold and Rockbot.

The acquisition further accelerates Spectrio's user engagement capabilities, adding a layer of technology that allows the audience to transition from passive viewers to active users. The acquisition comes as Spectrio continues to build integrations with third-party API applications to increase the flexibility and functionality of its digital signages. Connecting applications, POS systems, and industry-specific platforms allows Spectrio's clients to customize its solutions and create a more engaging experience for customers and visitors.

According to a published report by TechSci Research, “Global Digital Asset Management Market, By Application (Enterprise, Marketing and Broadcast & Publishing), By Component (Solutions and Services), By Deployment Type (On-premises and Cloud), By Organization Size (SMEs and Large Enterprises), By Vertical (Media & Entertainment, BFSI, Manufacturing and Others), By Company & By Geography, Forecast & Opportunities, 2014-2024, the global digital asset management market size is projected to reach USD 6.7 billion by 2024, growing at a CAGR of over 18% during the forecast period. Rising concern over increasing labor wages, increasing demand for process automation and the rising penetration of smartphones are the major drivers of the digital asset management market. The North American market for digital asset management is expected to continue its dominance during the forecast period. The growth of the North American market can be attributed to the presence of many digital asset management vendors in the region. Some of the leading players in the global digital asset management market include Cognizant, OpenText Corporation, Adobe Inc. and others.

According to another TechSci Research report, “Global Artificial Intelligence as a Service Market By Technology (Machine Learning & Others), By Organization Size (SME & Large Enterprise), By Service Type (Software Tools & Services), By Type of Cloud, By Vertical, By Region, Competition, Forecast & Opportunities, 2024”, the global artificial intelligence as a service market was valued close to $ 1.4 billion in 2018 and is anticipated to grow at CAGR of over 45% during 2019-2024 owing to increasing adoption of artificial intelligence. Organizations are leveraging artificial intelligence for improving productivity and enhanced efficiency at lower cost, which is anticipated to fuel growth of artificial intelligence as a service market over the next five years. Moreover, increasing demand for enhancing user experience while reducing waiting time through automated chats is further likely to propel growth of the market.