EQT's Exit from TELUS Digital and the Future of AI-Driven Customer Experience Markets

EQT's decision to exit its remaining stake in TELUS Digital, a global leader in AI-driven customer experience (CX) solutions, marks a pivotal moment in the evolution of the AI CX market. By selling its shares to TELUS Corporation for USD 215 million, EQT secures a 4x return on its 2016 investment, underscoring the transformative potential of private equity in scaling technology-driven enterprisesEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1]. This exit, expected to close in Q4 2025, reflects not only EQT's strategic success but also the broader maturation of the AI CX sector, which is now at a critical inflection point.

The AI CX Market: Momentum and Unmet Potential

The AI-driven CX market is accelerating rapidly, driven by enterprises' urgent need to integrate generative AI (GenAI) into customer service workflows. According to a report by TELUS Digital, 71% of enterprise leaders in 2025 identify GenAI as a key driver for improving service delivery, yet only 10% consider their organizations in a “steady state” with the technologyEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1]. This gap highlights both the urgency and the complexity of AI adoption. Meanwhile, 36% of enterprises plan to allocate over $4 million to GenAI initiatives in 2025, signaling a surge in investment despite fragmented progressEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1].

A particularly underexplored frontier is voice technology. Despite its potential to deliver natural, human-like interactions, only 14% of CX leaders plan to invest in voice-first interfaces in 2025EQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1]. Tobias Dengel of TELUS Digital argues that voice-powered AI, when combined with generative models, could redefine customer engagement by enabling seamless, context-aware conversationsEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1]. This untapped opportunity suggests that investors who prioritize voice AI could gain a first-mover advantage in a market poised for disruption.

TELUS Digital's Strategic Relevance and Post-Exit Implications

TELUS Digital's journey under EQT's ownership—from a traditional outsourcing firm to a global innovator in AI-driven CX—exemplifies the power of strategic transformation. During EQT's investment period, the company expanded to 30 countries, grew its workforce by 250%, and boosted EBITDA by over 500%EQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1]. Its proprietary GenAI engine, Fuel iX, and tools like the GenAI Jumpstart Accelerator have positioned it as a leader in digital transformationEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1]. The acquisition by TELUS Corporation is expected to amplify these capabilities through closer integration with TELUS's broader ecosystem, accelerating innovation in AI and SaaS across industriesEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1].

However, EQT's exit also raises questions about market consolidation. With TELUS now holding full control, smaller players and startups may face increased pressure to differentiate themselves. For investors, this underscores the importance of identifying undervalued alternatives that can thrive in a competitive landscape dominated by scaled players like TELUS and SalesforceEQT to Exit Remaining Stake in TELUS Digital, a Global AI-Driven Customer Experience and Digital Solutions Leader in Connection with TELUS Corporation’s Proposed Acquisition of TELUS Digital^[1].

Undervalued Alternatives: Voice AI and Agentic AI Startups

The valuation landscape for AI startups in 2025 reveals stark disparities. While LLM vendors command average revenue multiples of 44.1x and search engines 30.9x, sectors like Legal Tech and PropTech trade at multiples below 16xAI Startup Valuations in 2025: Benchmarks Across 400+ Companies^[2]. This divergence highlights opportunities in niche but high-growth areas.

Among the most promising undervalued players are voice AI and agentic AI startups. ElevenLabs, for instance, has pioneered ultra-realistic speech synthesis across 70+ languages, securing partnerships in gaming and mediaTop 10 Voice AI Agent Development Companies in 2025 [https://www.raftlabs.com/blog/top-voice-ai-agent-development-companies/], Top 10 Hottest AI Startups of 2025 (So Far) - digivistahub.com [https://digivistahub.com/top-10-hottest-ai-startups-of-2025/], What are the top voice AI companies right now? (July 2025)^[3]. SoundHound AI, bolstered by its acquisition of Amelia, is expanding its automotive voice assistant capabilities into B2B marketsTop 10 Voice AI Agent Development Companies in 2025 [https://www.raftlabs.com/blog/top-voice-ai-agent-development-companies/], Top 10 Hottest AI Startups of 2025 (So Far) - digivistahub.com [https://digivistahub.com/top-10-hottest-ai-startups-of-2025/], What are the top voice AI companies right now? (July 2025)^[3]. On the agentic AI front, Imbue is developing autonomous agents capable of handling complex tasks with minimal supervision, backed by investors like Thrive CapitalTop 10 Voice AI Agent Development Companies in 2025 [https://www.raftlabs.com/blog/top-voice-ai-agent-development-companies/], Top 10 Hottest AI Startups of 2025 (So Far) - digivistahub.com [https://digivistahub.com/top-10-hottest-ai-startups-of-2025/], What are the top voice AI companies right now? (July 2025)^[3]. AI Squared further stands out with its low-code platform for embedding AI into enterprise applicationsTop 10 Voice AI Agent Development Companies in 2025 [https://www.raftlabs.com/blog/top-voice-ai-agent-development-companies/], Top 10 Hottest AI Startups of 2025 (So Far) - digivistahub.com [https://digivistahub.com/top-10-hottest-ai-startups-of-2025/], What are the top voice AI companies right now? (July 2025)^[3].

These companies, though less prominent than OpenAI or Anthropic, offer compelling value propositions. Their focus on specialized applications—voice, automation, and low-code integration—positions them to capitalize on underserved niches within the AI CX marketTop 10 Voice AI Agent Development Companies in 2025 [https://www.raftlabs.com/blog/top-voice-ai-agent-development-companies/], Top 10 Hottest AI Startups of 2025 (So Far) - digivistahub.com [https://digivistahub.com/top-10-hottest-ai-startups-of-2025/], What are the top voice AI companies right now? (July 2025)^[3].

Conclusion: Navigating the AI CX Investment Landscape

EQT's exit from TELUS Digital is a testament to the transformative power of private equity in scaling AI-driven enterprises. Yet, the broader market remains fragmented, with significant gaps between adoption and innovation. For investors, the path forward lies in balancing investments in established leaders like TELUS with bets on undervalued startups that address emerging needs—particularly in voice and agentic AI. As the sector evolves, those who prioritize niche innovation over broad-scale hype may find themselves at the forefront of the next wave of disruption.