The Voice of Customer (VoC) market continues to evolve, often driven by technological advancements as well as M&As. Medallia, Qualtrics, and InMoment are the three major VoC players in the enterprise segment globally and locally across ANZ.

Until recently, InMoment was the smaller contender among the three, but that changed with their acquisition by PG Forsta in May 2025. The move marks a significant shift that will alter the competitive dynamics globally and in the region.

By combining PG Forsta’s strengths in market research, structured feedback, and regulated industries with InMoment’s expertise in AI, unstructured data analysis, and its strong presence in ANZ, the newly formed entity is poised to challenge the dominance of larger rivals.

The Key Players

Medallia

Medallia is a mature player in the VoC market, with a focus on larger, more complex and ideally global programs. With ANZ, and particularly New Zealand dominated by SMB’s, the vendor is not quite as prominent locally as they are at a global level.

Medallia underwent a major executive shakeup earlier this year, bringing in a wave of leadership talent from Qualtrics, and former Clarabridge. This leadership reset brings not only strategic focus but also a significant transfer of domain expertise and IP, positioning Medallia to compete more aggressively, especially against Qualtrics.

The changes include Mark Bishof as Chairman and CEO (formerly Chief Business Officer at Qualtrics and CEO of Clarabridge), Sid Banerjee as Chief Strategy Officer (Founder of Clarabridge), and several other senior leaders.

While the vendor has been relatively quiet in the ANZ market in recent years, with renewed leadership and an internal reset, Medallia re-focuses its efforts on local customer engagement across ANZ and aims to be more active and visible in the market. For ANZ enterprises, this could bring more choice, and a potentially stronger Medallia presence in upcoming VoC initiatives.

Qualtrics

Qualtrics, another major player in the VoC market, is known for its product strength, platform developments and AI capabilities. They are the most active in terms of platform development and shared several major AI announcements earlier this year, including agentic AI capabilities. 

Qualtrics also formally introduced the term Experience Management (XM) as a discipline and new software category in 2017 with the launch of the Qualtrics XM Platform and continues to dominate the conversation on XM.

Qualtrics and InMoment have dominated the local ANZ market, in the SMB to enterprise sector. Qualtrics enjoyed winning customer deals that included market research and panel requirements, since InMoment lacked that capability in-house. And that’s where PG Forsta comes in to change the dynamic.

InMoment

InMoment is a VoC technology provider known for their Experience Improvement (XI) competencies. Their strengths include conversational intelligence, reputation management, and predictive analytics. InMoment has grown by acquisition, most notably the acquisition of MaritzCX, Lexalytics, and ReviewTracker, adding online reviews and deep analytics for unstructured data to their platform.

While smaller in size than their main competitors, InMoment has a strong local presence in ANZ and thrives on their strong customer relationships.  

PG Forsta Acquires InMoment: A Strategic Move

The VoC landscape, especially in ANZ, is bound to shift significantly following PG Forsta’s acquisition of InMoment. While mergers and acquisitions are common in tech, this move signals a deliberate attempt by PG Forsta and InMoment to expand their market footprint and compete more aggressively with established VoC rivals.

While PG Forsta and InMoment were both established players in the VoC market, their merger is notable not just for its scale, but for its strategic intent: to combine complementary strengths in research, analytics, and AI innovation to provide a more robust, cross-industry VoC platform.

PG Forsta, formed through Press Ganey’s 2022 acquisition of Forsta (itself a merger of Confirmit and FocusVision), offers a Human Experience (HX) platform that integrates customer, employee, and market feedback, with a strong foundation in healthcare. PG Forsta brings deep expertise in structured feedback, large-scale analytics, and regulated industries such as healthcare. InMoment, meanwhile, offers advanced capabilities in AI, machine learning, and unstructured data analysis. By combining these distinct strengths, the merged entity creates a more versatile and comprehensive solution. PG Forsta enhances their AI and omnichannel offering, while InMoment gains access to a broader, compliance-focused client base and robust market research capabilities.

The new entity will serve clients globally with a team of more than 3,000 employees. Unlike its main competitors, InMoment maintains a dedicated presence in New Zealand, bringing deep local market expertise and strong relationships. InMoment’s established footprint in ANZ further enhances PG Forsta’s local presence, providing valuable on-the-ground support that is increasingly important to organizations.

Both companies cite cultural alignment as a key factor in building a stronger, united organization, a critical foundation for any successful acquisition.

AI: The Battlefront for the Future of CX

A crucial aspect of this acquisition is its emphasis on AI. VoC platforms are evolving beyond traditional feedback collection, with growing pressure to gather data from both solicited and unsolicited sources and deliver actionable insights and recommendations. As AI capabilities become more embedded in operations, platforms are increasingly judged by their ability to go beyond static dashboards, to unify data, analyse unstructured data, and generate richer insights and proactive recommendations.

InMoment, along with some competitors, has invested in leveraging contact centre data to extract insights from unsolicited and unstructured sources through conversation intelligence. While initially used for customer insights, this technology is now expanding to serve contact centre teams and broader, organisation-wide intelligence use cases, breaking out of departmental silos.

As the market continues to prioritise outcome-driven CX, AI will be a central differentiator among leading platforms, and InMoment brings those capabilities into the PG Forsta deal.

Looking Ahead

While it’s too early to call the long-term outcome, this acquisition marks a significant shift in the VoC landscape, particularly in ANZ.

With a bold goal “to be THE VoC company in the market”, the bar is set high to deliver. The success of this acquisition will depend on execution. Seamless integration across systems, cultures, and product lines won’t happen overnight. But if they get it right, this merger could reshape the competitive landscape, raising the stakes for Medallia, Qualtrics, and others.

For CX leaders across ANZ, this brings more choice, more innovation, and better capabilities to drive deeper customer insights and business impact.