Momentive (software company)

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Momentive
Momentive-logo.png
Type of businessPublic company
Available inDanish, German, English, Spanish, French, Korean, Italian, Dutch, Japanese, Norwegian, Portuguese, Russian, Finnish, Swedish, Mandarin Chinese, Turkish[1]
Traded asNasdaqMNTV
Russell 2000 Index component
Founded1999; 23 years ago (1999)[2]
HeadquartersOne Curiosity Way,
San Mateo, CA 94403
United States
No. of locationsSan Mateo, Portland, Seattle, Dublin, Ottawa, London, Sydney[3]
Area servedWorldwide
Founder(s)Ryan Finley
Chris Finley
CEOZander Lurie, CEO[4]
Key peopleSerena Williams,[5] board of directors
David Ebersman, board of directors
Sheryl Sandberg, board of directors
Susan Decker, board of directors
Brad D. Smith, board of directors
IndustrySAAS / Online survey services
ProductsCloud-based experience management and survey software
RevenueIncrease US$233.5 million
URLwww.momentive.ai
RegistrationRequired for creating a survey
Users25,000,000
Written in.NET, Python

Momentive Inc. (formerly SurveyMonkey Inc.) is an experience management company that offers cloud-based software in brand insights, market insights, product experience, employee experience, customer experience, online survey development, and a suite of paid back-end programs.[6][7]

Along with a 200,000 square foot headquarter building in San Mateo, California, SurveyMonkey has offices in Portland, Seattle, Dublin, Ottawa, London, and Sydney.[8] As of 2020, SurveyMonkey employed around 1,220 people.[9]

On June 9, 2021, SurveyMonkey announced its rebrand to Momentive with the intent to better represent their business-to-business product suite. SurveyMonkey will continue to operate as a subsidiary survey platform.[10] The Momentive Inc. product portfolio includes Momentive, GetFeedback, and SurveyMonkey.[11]

In October 2021, Zendesk announced that it would acquire Momentive for $4.13 billion[12]

History[edit]

Founding[edit]

SurveyMonkey was founded by Ryan Finley and Chris Finley in 1999. In 2009, Spectrum Equity and Bain Capital acquired a majority interest in the company.[13] The same year, Dave Goldberg joined SurveyMonkey as CEO.[14]

The company went public under the name SurveyMonkey (Nasdaq: SVMK) on September 25, 2018.[15]

Expansion[edit]

In 2010, the company received $100 million in debt financing from Bank of America Merrill Lynch and SunTrust Robinson Humphrey.[16] By 2013, SurveyMonkey raised $800 million in debt and equity valuing the company at $1.35 billion.[17] In September 2013, the company announced HIPAA-compliant features for premium subscription holders.[18]

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.[19]

Dave Goldberg died in May 2015, and Zander Lurie was named chairman of the board in July of the same year.[20][21]

On August 3, 2015, Bill Veghte replaced Goldberg as SurveyMonkey CEO. Veghte held top posts at HP and Microsoft.[22] Veghte left the role after fewer than 6 months due to strategic differences with investors and was replaced by Zander Lurie in January 2016.[23]

In 2017, the company rolled out "SurveyMonkey Genius" which estimates survey performance and makes actionable suggestions to increase survey effectiveness.[24] In August, the company launched "SurveyMonkey CX" which assists organizations in managing their customer experience programs.[25]

On September 26, 2018, SurveyMonkey (SVMK) made its debut on the NASDAQ Exchange.[26] The stock launched at $12 per share and rose 43% on the first day of trading.[27]

Emory University Goizueta Business School dean Erika James joined the SurveyMonkey board of directors in 2018, creating Gender Parity on the company's board.[28][29]

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.[30]

In August 2014, SurveyMonkey acquired Canadian company Fluidware, the creator of FluidSurveys.com and FluidReview.com.[31]

SurveyMonkey acquired TechValidate, a Canadian marketing content automation company in August 2015.[32]

By March 2019, SurveyMonkey acquired Usabilla, an Amsterdam-based website and app survey company, for $80 million in cash and stock.[33] That same year, SurveyMonkey acquired GetFeedback, a San Francisco-based customer experience management company, in August.[34]

Transition to Momentive and acquisition by Zendesk[edit]

On June 9, 2021, SurveyMonkey announced its rebrand as Momentive, a new entity that encompasses experience management and corporate insights solutions across a suite of products. Momentive includes SurveyMonkey, GetFeedback, and Momentive Insights.[35][36]

On October 28, 2021, Zendesk announced that it had agreed to acquire MomentiveAI for nearly $4 billion, in an all-stock deal.[12] Chief executive Mikkel Svane of Zendesk said of the acquisition, "We have a big overlap in customers. It's incredibly powerful. And we believe that it will create a whole new, richer picture of your customers," according to Reuters.[37]

See also[edit]

References[edit]

  1. ^ "SurveyMonkey: Free online survey software & questionnaire tool". Retrieved 24 July 2016.
  2. ^ Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  3. ^ "SurveyMonkey Office Locations". Retrieved 24 July 2016.
  4. ^ "Lurie Departs GoPro to Take CEO Job at SurveyMonkey". Recode. Retrieved 2016-01-13.
  5. ^ "Serena Williams on International Women's Day: 'We Must Band Together to Fight for What's Fair'". Fortune. Retrieved 29 March 2019.
  6. ^ Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". Retrieved 25 June 2021.
  7. ^ Staff, Inc. (15 June 2021). "How to Use Online Tools for Customer Surveys". Retrieved 25 June 2021.
  8. ^ Boerner, Dean (15 March 2019). "Modern Workplaces: Inside SurveyMonkey's bananas office space in San Mateo". Retrieved 25 June 2021.
  9. ^ Craft (10 June 2021). "SurveyMonkey". Retrieved 25 June 2021.
  10. ^ Swant, Marty (9 June 2021). "SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business". Retrieved 25 June 2021.
  11. ^ Staff, Inc. (15 June 2021). "How to Use Online Tools for Customer Surveys". Retrieved 25 June 2021.
  12. ^ a b "Zendesk to Buy SurveyMonkey Parent Momentive Global". Bloomberg.com. 2021-10-28. Retrieved 2021-10-30.
  13. ^ Swant, Marty (9 June 2021). "SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business". Retrieved 25 June 2021.
  14. ^ Novet, Jordan (29 August 2018). "SurveyMonkey files to go public, lost $27 million on $121 million in sales in first half of 2018". Retrieved 25 June 2021.
  15. ^ Staff, Inc. (15 June 2021). "How to Use Online Tools for Customer Surveys". Retrieved 25 June 2021.
  16. ^ Equity, Spectrum (1 April 2009). "SurveyMonkey Receives Investment from Spectrum Equity". Retrieved 25 June 2021.
  17. ^ Lynley, Matthew (3 November 2010). "SurveyMonkey bucks the trend, picks up $100M in debt financing". Retrieved 25 June 2021.
  18. ^ Inc., Fortune (25 June 2021). "SurveyMonkey IPO". Retrieved 25 June 2021.
  19. ^ Konrad, Alex (18 November 2018). "SurveyMonkey Jumps Into Enterprise Market With New Product For Businesses". Retrieved 25 June 2021.
  20. ^ Novet, Jordan (29 August 2018). "SurveyMonkey files to go public, lost $27 million on $121 million in sales in first half of 2018". Retrieved 25 June 2021.
  21. ^ Lorenzetti, Laura (15 December 2014). "SurveyMonkey is worth $2 billion after new $250 million fundraising round". Retrieved 25 June 2021.
  22. ^ Hardy, Quentin (6 July 2015). "Sheryl Sandberg Joins SurveyMonkey's Board". Retrieved 25 June 2021.
  23. ^ Zhang, Maggie (7 July 2015). "HP's Bill Veghte Joins SurveyMonkey As New CEO". Retrieved 25 June 2021.
  24. ^ Live, Research (15 January 2016). "VEGHTE OUT AND LURIE IN AS SURVEYMONKEY CEO". Retrieved 25 June 2021.
  25. ^ Del Rowe, Sam (17 July 2017). "SurveyMonkey Announces People Powered Data Platform". Retrieved 25 June 2021.
  26. ^ Thompson, Bob (10 August 2017). "Can SurveyMonkey and Zoho Disrupt Enterprise Software?". Retrieved 25 June 2021.
  27. ^ Salinas, Sara (26 September 2018). "SurveyMonkey surges 42% in market debut, ends trading at $17 a share". Retrieved 25 June 2021.
  28. ^ Sonenshine, Jacob (26 September 2018). "Survey Monkey Pops 43% on IPO". Retrieved 25 June 2021.
  29. ^ Mohan, Pavithra (14 August 2018). "SurveyMonkey's board is now 50% women". Retrieved 25 June 2021.
  30. ^ Mandel, Eric (14 August 2018). "SurveyMonkey adds Emory Dean to Board of Directors". Retrieved 25 June 2021.
  31. ^ Crunch, Tech (11 January 2011). "SurveyMonkey Acquires A 49.9 Percent Stake In Clicktools". Retrieved 25 June 2021.
  32. ^ MacMillan, Douglas (5 August 2014). "SurveyMonkey Acquires Smaller Canadian Rival". Retrieved 25 June 2021.
  33. ^ King, Rachel (4 August 2015). "SurveyMonkey bulking up B2B platform with TechValidate". Retrieved 25 June 2021.
  34. ^ Miller, Ron (5 March 2019). "SurveyMonkey acquires web survey company Usabillla for $80M". Retrieved 25 June 2021.
  35. ^ Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". Retrieved 25 June 2021.
  36. ^ Staff, Inc. (15 June 2021). "How to Use Online Tools for Customer Surveys". Retrieved 25 June 2021.
  37. ^ Hu, Krystal; Hussain, Noor Zainab (2021-10-28). "Software services firm Zendesk to buy SurveyMonkey parent for nearly $4 bln". Reuters. Retrieved 2021-10-30.

External links[edit]