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Sprinklr

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Sprinklr, Inc.
Company typePublic company
NYSE: CXM
IndustryCustomer experience management
FoundedSeptember 2009
Headquarters
New York, New York
Key people
Ragy Thomas, CEO & Founder
ProductsSprinklr
RevenueIncrease $492.39 million (FYE 2022)[1]
Number of employees
3500+2400+
Websitesprinklr.com

Sprinklr is an American software company based in New York City that develops a SaaS customer experience management (CXM) platform.[2] The company's software, also called Sprinklr, combines different applications for social media marketing, social advertising, content management, collaboration, employee advocacy, customer care, social media research, and social media monitoring.

Sprinklr was founded in 2009 by technology executive Ragy Thomas.[3] On June 23rd, 2021, the company went public on the New York Stock Exchange under the symbol CXM.[4]

History

Sprinklr was founded in 2009 by Ragy Thomas, a technology marketing executive previously with email marketing company Bigfoot International. Thomas initially funded the company himself, with servers operating out of the basement of his home.[5] The company's name came from the metaphor of a brand carefully watering their social media presence. Early customers included Cisco, Dell and Virgin America.[5]

In March 2015, the company announced the launch of its Experience Cloud platform, a way for companies to manage interactions over 23 social media channels and websites.[6]

In April 2017, the company expanded from social media management to customer experience management, with the launch of new products for its Experience Cloud platform, ranging from social listening tools to content marketing.[7] In October, the company added eight additional products integrated with Experience Cloud.[7]

In April 2018, Sprinklr released artificial intelligence (AI) capabilities called Sprinklr Intuition, allowing automatic collection and analysis of social media data.[8]

As of October 2018, it was reported that the company had over 1,500 customers.[9]

In May 2019, the company released Product Insights, an AI capability that automatically categorizes customer comments across social media and review sites about product feedback related to design, packaging, performance or features.[10]

As of December 2019, the company reported over 1,500 employees, and 25 offices in 15 countries, located across North and South America, Europe and Asia-Pacific.[11][12]

In 2020, Sprinklr offered case tracking services to the Kerala government in India, as part of an app to assist with managing the COVID-19 outbreak. In April 2020, the opposition party to the government accused the company of compromising patient data related to COVID-19 patients, and criticized the services for being awarded without following proper procedures. The company denied the charges, claiming that the data used in its platform is owned and controlled by the government and stored in India, in compliance with India's data privacy regulations.[13] The government confirmed with the Kerala High Court through an affidavit that the Covid-related data was managed by Kerala's Centre for Development of Imaging Technology (C-DIT) in the Amazon Web Services cloud, and that no Sprinklr employees had any access to the data.[14]

On June 23, 2021, Sprinklr began trading as a public company on the New York Stock Exchange under the symbol CXM.[4]

Funding

In March 2012, the company received its first outside funding.[15]

In May 2014, the company announced a $40 million funding round, bringing it to a $500 million valuation.[16]

In March 2015, a $46 million series E funding round gave the company a value of $1.17 billion.[17]

In July 2016, the company announced a $105 million funding round for a valuation of $1.8 billion.[18]

In September 2020, Sprinklr raised $200 million from private-equity firm Hellman & Friedman in a deal that valued the customer experience management company at $2.7 billion.[3]

Acquisition strategy

Sprinklr uses its funding to acquire smaller firms that have tools Sprinklr wanted to build itself. To facilitate integration, Sprinklr discards the purchased technology and has the acquired company's employees develop a native Sprinklr version of the software.[5]

Acquisitions

In March 2014, Sprinklr acquired Dachis Group, adding abilities for employee advocacy, competitive intelligence, social business consulting services, and content marketing.[19]

In August 2014, Sprinklr acquired TBG Digital, one of Facebook's largest ad buying clients, to improve its paid social advertising capability.[20] Later in September, Sprinklr acquired brand advocacy company Branderati.

In June 2015, Sprinklr bought text analytics vendor NewBrand.[21] In November 2015, the company acquired data segmentation firm Booshaka.[22]

In April 2016, the company acquired social analytics startup Postano.[23]

In December 2019, the company acquired the social advertising business from ad management company Nanigans.[24]

References

  1. ^ "Form S-1/A Sprinklr, Inc". SEC Report. 2020-09-09. Retrieved 2021-01-22.
  2. ^ "Sprinklr launches major push into customer experience". Techcrunch. 2017-04-11. Retrieved 2020-01-07.
  3. ^ a b "Private-Equity Investment Values Sprinklr at $2.7 Billion". Wall Street Journal. 2020-09-09. Retrieved 2020-09-22.
  4. ^ a b "Sprinklr Rebounds in Debut After Downsized $266 Million IPO". Bloomberg. June 23, 2021. Retrieved July 26, 2021.
  5. ^ a b c "Meet Sprinklr, The Billion-Dollar Startup That Cracked Social Advertising". Forbes. 2018-05-18. Retrieved 2020-01-07.
  6. ^ Fidelman, Mark (2017-04-13). "Why Sprinklr is Pouring Money into the Influencer and Advocacy Space". Martech Today. Retrieved 2020-01-07.
  7. ^ a b "Sprinklr simplifies UX with new products". Research Live. 2017-10-05. Retrieved 2020-01-07.
  8. ^ "Sprinklr adds AI to its customer experience platform". Martech Today. 2018-04-26. Retrieved 2020-01-09.
  9. ^ ""People never forget the way you make them feel."". Profile Magazine. 2018-10-29. Retrieved 2020-01-09.
  10. ^ "Sprinklr Releases AI-driven Product Insights to Expand Research Capabilities". Martech Advisor. 2019-05-02. Retrieved 2020-01-09.
  11. ^ "Sprinklr Facts". Sprinklr. Retrieved 2020-01-09.
  12. ^ "Sprinklr headquarters and office locations". Craft. Retrieved 2020-01-09.
  13. ^ "Sprinklr accused of compromising COVID-19 data of Kerala people". Manorama online. 2020-04-13. Retrieved 2020-04-13.
  14. ^ "Sprinklr out, data now in C-DIT cloud: Kerala govt to HC". New Indian Express. 2020-05-22. Retrieved 2020-05-22.
  15. ^ Ludwig, Sean (2012-04-12). "Meet Sprinklr, the biggest social media management biz you've never heard of". Venturebeat. Retrieved 2020-01-07.
  16. ^ "Sprinklr, Showered In Money, Plans IPO". Adweek. 2014-05-01. Retrieved 2020-01-07.
  17. ^ Griffith, Erin (2015-03-31). "Sprinklr raises $46 million to become latest billion-dollar unicorn". Fortune. Retrieved 2020-01-08.
  18. ^ "Sprinklr Raises $105 Million to Grow Social Media Management Software". Wall Street Journal. 2016-07-21. Retrieved 2020-01-07.
  19. ^ Sloane, Garett (2018-05-18). "Sprinklr Buys Dachis Group to Boost Social Marketing Services". Adweek. Retrieved 2020-01-07.
  20. ^ Edwards, Jim (2014-08-14). "Sprinklr Acquired TBG Digital Ahead of its IPO". Business Insider. Retrieved 2020-01-07.
  21. ^ "Sprinklr acquires text predictive analytics player, NewBrand". CMO. 2015-06-03. Retrieved 2019-12-04.
  22. ^ "Sprinklr Acquires Booshaka For Smarter Audience Targeting". Techcrunch. 2015-11-02. Retrieved 2020-01-07.
  23. ^ "Billion-Dollar Social Marketing Startup Sprinklr Extends Reach". Fortune. 2016-04-20. Retrieved 2020-01-07.
  24. ^ "Sprinklr acquires Nanigans' social ad business amid ad tech consolidation". Mobile Marketer. 2019-12-04. Retrieved 2020-01-09.
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