The agreement will see Glassbox become an independent, privately-held company and will continue to be led by the existing management team.

Alicorn Venture Partners is a longstanding investor in Glassbox and the takeover comes as Glassbox expands its technological assets and AI capabilities.

The transaction is expected to close in the third quarter of 2024, subject to approval by Glassbox shareholders and the satisfaction of other customary closing conditions.

Glassbox chief executive Yaron Morgenstern said: “Alicorn, a cornerstone investor since our early days, has renewed their commitment with this powerful backing, underscoring their strong belief in our vision for the future.

“This investment not only validates our cutting-edge AI innovations and robust customer intelligence platform, but also enhances our capacity to meet the evolving needs of our global clientele.”

Alexander Assim, managing partner at Alicorn, added: “We share the company’s vision for the future of customer intelligence, making Alicorn the ideal partner to help scale Glassbox, as we cater to the increasing demand from large enterprises looking for significant improvements in digital experiences.

“We are enthusiastic about supporting Glassbox’s continued growth as a leader in this industry and using our operational expertise to elevate the company to new heights.”