Meta Platforms Inc confirmed on Friday that it is in the process of exploring strategic alternatives to Kustomer, the customer service software company that it acquired at the end of last year.
Kustomer sells CRM software for businesses to foster communication with customers via phone, email, text messages, WhatsApp, Instagram, and other channels. While the company’s sales surged during the height of the COVID-19 pandemic, they have since flattened out.
“We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer’s product and customer base throughout this process,” Meta announced in a public statement.
The decision to withdraw from its investment in Kustomer comes as Meta looks to refocus its efforts on growing the profitability of its core businesses. Some of the pathways for growth being explored by the Facebook parent company include expanding its business messaging offerings which include the monetization opportunity for WhatsApp.