Sprinklr

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Sprinklr, Inc.
TypePublic company
NYSE: CXM
IndustryCustomer experience management
FoundedSeptember 2009
Headquarters
New York, New York
Key people
Ragy Thomas, CEO & Founder
ProductsSprinklr
RevenueIncrease $386.9 million (FYE 2021)[1]
Number of employees
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 2012, the company received its first outside funding.[6]

In March 2014, Sprinklr acquired Dachis Group, adding abilities for employee advocacy, competitive intelligence, social business consulting services, and content marketing.[7] In May, the company announced a $40 million funding round, bringing it to a $500 million valuation.[8] In August, Sprinklr acquired TBG Digital, one of Facebook's largest ad buying clients, to improve its paid social advertising capability.[9] In September, Sprinklr acquired brand advocacy company Branderati.[10]

In March 2015, a $46 million series E funding round gave the company a value of $1.17 billion.[11] Also in March, the company announced the launch of its Experience Cloud platform, a way for companies to manage interactions over 23 social media channels and websites.[12] In June, Sprinklr bought text analytics vendor NewBrand.[13] In November, the company acquired data segmentation firm Booshaka.[14]

In April 2016, the company acquired social analytics startup Postano.[15] In July, the company announced a $105 million funding round for a valuation of $1.8 billion.[16]

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.[17] In October, the company added eight additional products integrated with Experience Cloud.[17]

In April 2018, Sprinklr released artificial intelligence (AI) capabilities called Sprinklr Intuition, allowing automatic collection and analysis of social media data.[18]

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.[19] In December, the company acquired the social advertising business from ad management company Nanigans.[20]

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.[21] 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.[22]

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]

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

On November 17, 2021, a federal jury in Oregon agreed with claims made by the Portland-based Opal Labs that Sprinklr misappropriated trade secrets and breached both a teaming contract and a nondisclosure agreement. The verdict is the latest development in a legal battle between the two companies that has stretched across four years. “The jury’s verdict confirms what Opal has been saying for years: Sprinklr stole the key components of Opal’s software and used them in Sprinklr’s competing product. The jurors unanimously found that Sprinklr stole Opal’s trade secrets and breached its non-disclosure agreements,” Opal attorney Chad Colton said in an email. The two companies will return to court in February 2022 to hash out damages and an outstanding fraud claim. After the verdict, Opal filed a motion to bar Sprinkr from selling all content creation and planning software developed from March 4, 2014 through today. A ruling is expected soon.

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]

Products[]

Sprinklr provides a unified SaaS-platform of products designed to help companies monitor and interact with customers and prospects over all digital channels, including social media channels, review sites and messaging channels. The products are care, research, marketing & advertising, and sales & engagement.[23]

Operations[]

As of October 2018, it was reported that the company had over 1,500 customers.[24]

As of December 2019, the company reported over 1,500 employees, and 25 offices in 15 countries, located across North & South America, Europe and Asia-Pacific.[25][26]

Customers[]

Its customers include Amazon, Nike, Microsoft and McDonald's.[16]

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. ^ Ludwig, Sean (2012-04-12). "Meet Sprinklr, the biggest social media management biz you've never heard of". Venturebeat. Retrieved 2020-01-07.
  7. ^ Sloane, Garett (2018-05-18). "Sprinklr Buys Dachis Group to Boost Social Marketing Services". Adweek. Retrieved 2020-01-07.
  8. ^ "Sprinklr, Showered In Money, Plans IPO". Adweek. 2014-05-01. Retrieved 2020-01-07.
  9. ^ Edwards, Jim (2014-08-14). "Sprinklr Acquired TBG Digital Ahead of its IPO". Business Insider. Retrieved 2020-01-07.
  10. ^ Fidelman, Mark (2014-09-05). "Why Sprinklr is Pouring Money into the Influencer and Advocacy Space". Forbes. Retrieved 2020-01-07.
  11. ^ Griffith, Erin (2015-03-31). "Sprinklr raises $46 million to become latest billion-dollar unicorn". Fortune. Retrieved 2020-01-08.
  12. ^ Fidelman, Mark (2017-04-13). "Why Sprinklr is Pouring Money into the Influencer and Advocacy Space". Martech Today. Retrieved 2020-01-07.
  13. ^ "Sprinklr acquires text predictive analytics player, NewBrand". CMO. 2015-06-03. Retrieved 2019-12-04.
  14. ^ "Sprinklr Acquires Booshaka For Smarter Audience Targeting". Techcrunch. 2015-11-02. Retrieved 2020-01-07.
  15. ^ "Billion-Dollar Social Marketing Startup Sprinklr Extends Reach". Fortune. 2016-04-20. Retrieved 2020-01-07.
  16. ^ a b "Sprinklr Raises $105 Million to Grow Social Media Management Software". Wall Street Journal. 2016-07-21. Retrieved 2020-01-07.
  17. ^ a b "Sprinklr simplifies UX with new products". Research Live. 2017-10-05. Retrieved 2020-01-07.
  18. ^ "Sprinklr adds AI to its customer experience platform". Martech Today. 2018-04-26. Retrieved 2020-01-09.
  19. ^ "Sprinklr Releases AI-driven Product Insights to Expand Research Capabilities". Martech Advisor. 2019-05-02. Retrieved 2020-01-09.
  20. ^ "Sprinklr acquires Nanigans' social ad business amid ad tech consolidation". Mobile Marketer. 2019-12-04. Retrieved 2020-01-09.
  21. ^ "Sprinklr accused of compromising COVID-19 data of Kerala people". Manorama online. 2020-04-13. Retrieved 2020-04-13.
  22. ^ "Sprinklr out, data now in C-DIT cloud: Kerala govt to HC". New Indian Express. 2020-05-22. Retrieved 2020-05-22.
  23. ^ "Sprinklr Named the Only Leader in Social Suites Wave Q4 2019 by Independent Research Firm". Martech Series. 2019-10-10. Retrieved 2020-01-09.
  24. ^ ""People never forget the way you make them feel."". Profile Magazine. 2018-10-29. Retrieved 2020-01-09.
  25. ^ "Sprinklr Facts". Sprinklr. Retrieved 2020-01-09.
  26. ^ "Sprinklr headquarters and office locations". Craft. Retrieved 2020-01-09.
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