Sprinklr Inc., known for its CX (customer experience) platform for modern enterprises, recently closed a $200 million funding round with from Hellman & Friedman (H&F), at a valuation of $2.7 billion. H&F is one among the top private equity firms. Sprinklr also raised an additional $150 million from Sixth Street Growth. The two investments take the new capital infusion in Sprinklr to a whopping $350 million.
Sprinklr’s CXM Platform Leading the way
Four years ago, Sprinklr registered more than $100 million annual revenue. However, the company was still struggling to strengthen their social media roots. Company’s CEO Thoman Ragy said in 2016, “This is a dark year for the company.” Cut to four years later, and the company has registered a strong business presence with a large strong workforce spread across the globe. Forbes also mentioned the company in “Forbes 2019 Cloud 100” list, which was in fact its fourth year on the list.
Developing niche products has been the mainstay for Sprinklr’s for the past ten years. However, not the leadership has decided to change gears and position Sprinklr as a serious player in the complicated “customer experience” market. Sprinklr already has a long list of competitors including, IBM, Oracle, and Salesforce. Customer Experience Management (CXM) and consumer-centricity always been a key focus for CXOs. According to a Forrester report, improving customer experience is a top priority for 72% businesses. Sprinklr is in the right position with right arsenal to get competitive edge.
Strong position in market hints toward IPO?
Sprinklr specializes in developing customer experience platforms that ensure the delivery of a unified customer experience. Ever since the company started, the entire organization focused on three key areas — Social, Digital, and CXM (Customer Experience Management). The company helps clients reach customers across 25 social channels, 11 messaging channels, and millions of other websites. This reflects the company’s marketing – “all on one unified platform.”
Ragy Thomas, the CEO and Founder of Sprinklr, said “in a world where customers are connected and empowered, Customer Experience Management is no longer optional. It’s time for modern enterprises to break down silos, and unify disconnected teams, channels, and tools to make their customers happier, that’s been our mission from the start. To build a new class of enterprise software purpose-built for CXM, and a new kind of enterprise software company that the world’s largest organizations truly love.”