SurveyMonkey

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SVMK Inc.
SurveyMonkey Logo.svg
Type of businessPublic
Available inDansk, Deutsch, English, Español, Français, 한국어, Italiano, Nederlands, 日本語, Norsk, Português, Русский, Suomi, Svenska, 中文(繁體), Türkçe[1]
Traded asNASDAQSVMK
Russell 2000 Index component
Founded1999; 20 years ago (1999)[2]
HeadquartersOne Curiosity Way,
San Mateo, CA 94403
United States[3]
No. of locationsSan Mateo, Portland, Seattle, Dublin, Ottawa, London, Sydney[4]
Area servedWorldwide
Founder(s)Ryan Finley, Chris Finley
CEOZander Lurie, CEO[5]
IndustrySAAS / Online survey services
ProductsCloud-based survey software
Revenue$233.5mm (LTM 6/30/18)
Websitesurveymonkey.com
Alexa rankPositive decrease 462 (September 2019)[6]
RegistrationRequired for creating a survey
Users25,000,000
Written in.NET, Python

SurveyMonkey is an online survey[7] development cloud-based software as a service company. It was founded in 1999 by Ryan Finley and Chris Finley. The company provides free, customizable surveys, as well as a suite of paid back-end programs that include data analysis, sample selection, bias elimination, and data representation tools.[8] In addition to providing free and paid plans for individual users, SurveyMonkey also offers more large-scale enterprise options for companies interested in data analysis, brand management, customer / employee feedback, and consumer-focused marketing.[9] SurveyMonkey has over 600,000 paying users in 190+ countries.[10]

The company was named to the Forbes Unicorn List of startup companies in 2015.[11][12] SurveyMonkey made the Forbes Cloud 100 and CNBC Disruptor List in 2016, 2017 & 2018.[13][14][15][16][17][18] and has established Media Partnerships with NBC,[19] CNBC,[20] Common Sense,[21] and Vanity Fair.[22]

The company went public in September 2018.[23]

History[edit]

Founding[edit]

The company was majority-owned by Ryan and Chris Finley until 2009 when Spectrum Equity and Bain Capital acquired a majority interest in the company.[24]

Dave Goldberg joined SurveyMonkey in 2009. He is credited with growing it from a 12-person Silicon Valley startup to a 550-person enterprise. He was its CEO until he died suddenly on May 1, 2015, while on vacation abroad with his wife, Facebook executive Sheryl Sandberg.[25]

Starting August 3, 2015, Bill Veghte replaced Goldberg as SurveyMonkey CEO. Veghte held top posts at HP and Microsoft, and attended Harvard with Goldberg. He credits Goldberg as a mentor.[26] Veghte held the role for less than six months, due to strategic differences with investors, primarily on where to allocate talent and resources.[27] Veghte was replaced by Zander Lurie in January 2016.

Expansion[edit]

In 2010, the company received US$100 million in debt financing from Bank of America Merrill Lynch and SunTrust Robinson Humphrey.[28]

In 2012, the company launched a self-serve analytics platform called Audience, allowing customers to send their survey to a select group of respondents.

In 2013, the company raised $800 million in debt and equity valuing the company at $1.35 billion.[29]

As of 2013, SurveyMonkey had 14 million users.[2]

In September 2013, the company announced HIPAA-compliant features for premium subscription holders.[30] In November 2013, the company announced a new enterprise product with additional management capabilities.[31]

In 2014, the company raised $250 million in equity financing from Google Capital (now CapitalG), Tiger Global Management, Baillie Gifford, T. Rowe Price and Morgan Stanley.[32]

In April 2015, the company announced a new data platform called Benchmarks. This allows users to compare their survey results against competitors.[33]

In 2017, the company rolled out “SurveyMonkey Genius” which estimates survey performance and makes actionable suggestions to increase survey effectiveness.[34]

In August 2017, the company launched “SurveyMonkey CX” which assists organizations in managing their customer experience programs.[35]

On September 26, 2018, SurveyMonkey (SVMK) made its debut on the NASDAQ Exchange. [36] The stock launched at $12 per share and rose 43% on the first day of trading.[37]

In March 2019, the company acquired Usabilla, a Web Survey Company.[38]

Acquisitions[edit]

The company has acquired three other survey tools, Precision Polling, Wufoo, and Zoomerang, as well as a 49.9 percent stake in the UK-based Clicktools.[39] In August 2014, SurveyMonkey acquired Canadian company Fluidware, the creator of FluidSurveys.com and FluidReview.com.[40] In August, 2015, SurveyMonkey acquired TechValidate,[41] a marketing content automation company.[42] In March 2019, SurveyMonkey acquired Usabilla, an Amsterdam-based website and app survey company, for $80 million in cash and stock.[43]

Corporate[edit]

SurveyMonkey Headquarters in San Mateo, CA

There are offices in San Mateo, California; Portland, Oregon; Seattle, Washington; Dublin, Ireland; Ottawa, Ontario; and Sydney, Australia.[3]

SurveyMonkey's board of directors includes Finley, former Facebook CFO David Ebersman, former Verisign CFO Dana L. Evan, Zander Lurie, Facebook COO Sheryl Sandberg, tennis star Serena Williams,[44] Spectrum Equity Managing Director Benjamin Spero, former Yahoo CFO Susan Decker, Intuit President / CEO Brad D. Smith, and current dean of Emory University's Goizueta Business School Erika James.[45] With the appointment of James in 2018, SurveyMonkey achieved Gender Parity on its Board.[46] Lurie was named chairman of the board in July 2015.[47][48] [49]

See also[edit]

References[edit]

  1. ^ "SurveyMonkey: Free online survey software & questionnaire tool". Retrieved 24 July 2016.
  2. ^ a b Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  3. ^ a b "Contact SurveyMonkey". SurveyMonkey. Retrieved 2014-05-07.
  4. ^ "SurveyMonkey Office Locations". Retrieved 24 July 2016.
  5. ^ "Lurie Departs GoPro to Take CEO Job at SurveyMonkey". Recode. Retrieved 2016-01-13.
  6. ^ "Surveymonkey.com Site Info". Alexa Internet. Retrieved 13 September 2019.
  7. ^ "How to Use Online Tools for Customer Surveys". Inc. 30 July 2010. Retrieved 20 February 2013.
  8. ^ "SurveyMonkey "How it works"". SurveyMonkey. Retrieved 27 May 2014.
  9. ^ "SurveyMonkey "Enterprise"". SurveyMonkey. Retrieved 27 May 2014.
  10. ^ "Letter To Shareholders, Q4 2018". SurveyMonkey. Retrieved 29 March 2019.
  11. ^ Konrad, Alex. "Spurning IPO, SurveyMonkey Now Allows You To Compare Data With Rivals". Retrieved 24 July 2016.
  12. ^ "SurveyMonkey Cuts 100 Jobs To Refocus Its Service for Businesses". Fortune. Retrieved 2018-03-20.
  13. ^ "2016 Cloud 100 Winners". Cloud100. Retrieved 29 March 2019.
  14. ^ "Congratulations to the Forbes 2017 Cloud 100 Winners". Medium. Retrieved 29 March 2019.
  15. ^ "Forbes Cloud 100". Forbes. Retrieved 29 October 2016.
  16. ^ "2016 CNBC Disruptor 50". CNBC. Retrieved 22 April 2019.
  17. ^ "2017 CNBC Disruptor 50". CNBC. Retrieved 22 April 2019.
  18. ^ "2018 CNBC Disruptor 50". CNBC. Retrieved 22 April 2019.
  19. ^ "SurveyMonkey and NBC News join forces to take on the 2016 election season". SurveyMonkey. Retrieved 13 April 2019.
  20. ^ "CNBC and SurveyMonkey Partner to Launch Innovative New Survey of Small Businesses". SurveyMonkey. Retrieved 13 April 2019.
  21. ^ "Common Sense and SurveyMonkey Release Survey of Parents and Teens on Social Media Concerns". SurveyMonkey. Retrieved 13 April 2019.
  22. ^ "2018 Disruptor Full Coverage". CNBC. Retrieved 13 April 2019.
  23. ^ Waters, Richard (26 September 2018). "SurveyMonkey shares jump by 60% after Wall Street IPO". Retrieved 28 September 2018.
  24. ^ "SurveyMonkey Receives Investment From Spectrum Equity". Spectrum Equity. Retrieved January 15, 2019.
  25. ^ King, Hope (May 2, 2015). "Dave Goldberg, husband of Facebook exec Sheryl Sandberg, dies suddenly". CNN Money. Retrieved May 2, 2015.
  26. ^ Zhang, Maggie (July 7, 2015). "HP's Bill Veghte Joins SurveyMonkey As New CEO". Forbes Tech. Retrieved October 7, 2017.
  27. ^ "Veghte out and Lurie in as SurveyMonkey CEO". ResearchLive. 15 January 2016. Retrieved October 7, 2017.
  28. ^ Lynley, Matthew (November 3, 2010). "SurveyMonkey bucks the trend, picks up $100M in debt financing". Venturebeat.com.
  29. ^ Lashinsky, Adam (2013-01-17). "Why SurveyMonkey is holding off on an IPO - Fortune Tech". Tech.fortune.cnn.com. Retrieved 2014-03-03.
  30. ^ "SurveyMonkey Protects Patient Privacy with new HIPAA Features". MarketWatch. Retrieved 2014-03-03.
  31. ^ Konrad, Alex (2013-11-18). "SurveyMonkey Jumps Into Enterprise Market With New Product For Businesses". Forbes. Retrieved 2014-03-03.
  32. ^ "SurveyMonkey is worth $2 billion after new $250 million fundraising round". 15 December 2014. Retrieved 24 July 2016.
  33. ^ SurveyMonkey. "SurveyMonkey Launches "Audience" Service for Consumer Insights". Retrieved 24 July 2016.
  34. ^ "SurveyMonkey Announces People Powered Data Platform". DestinationCRM. 17 July 2017. Retrieved 5 February 2019.
  35. ^ "Can SurveyMonkey and Zoho Disrupt Enterprise Software?". CustomerThink. 10 August 2017. Retrieved 5 February 2019.
  36. ^ "SurveyMonkey surges 42% in market debut, ends trading at $17 a share". CNBC. Retrieved December 21, 2018.
  37. ^ "Survey Monkey Pops 43% on IPO". The Street. Retrieved December 21, 2018.
  38. ^ "SurveyMonkey acquires web survey company Usabilla for $80M". TechCrunch. Retrieved 29 March 2019.
  39. ^ SurveyMonkey Acquires Interest in Clicktools, About Us, SurveyMonkey corporate website, 11 January 2011 Retrieved 27 October 2016
  40. ^ MacMillan, Douglas (2014-08-05). "SurveyMonkey Acquires Smaller Canadian Rival". Retrieved 2014-09-17.
  41. ^ TechValidate
  42. ^ King, Rachel (2015-08-04). "SurveyMonkey bulking up B2B platform with TechValidate acquisition". Retrieved 2019-01-27.
  43. ^ "SurveyMonkey acquires web survey company Usabilla for $80M". TechCrunch. Retrieved 2019-05-13.
  44. ^ "Serena Williams on International Women's Day: 'We Must Band Together to Fight for What's Fair'". Fortune. Retrieved 29 March 2019.
  45. ^ https://www.bizjournals.com/atlanta/news/2018/08/14/surveymonkey-adds-emory-dean-to-board-of-directors.html
  46. ^ "SurveyMonkey's board is now 50% women". Fast Company. Retrieved 29 March 2019.
  47. ^ "SurveyMonkey - About Us". surveymonkey.com. Retrieved July 6, 2015.
  48. ^ Quentin Hardy (July 6, 2015). "Sheryl Sandberg Joins SurveyMonkey's Board". NY Times.
  49. ^ SurveyMonkey Board of Directors

External links[edit]