- Customer Experience Management (CXM) platform Sprinklr announced that it has raised $200 million at a $2.7 billion valuation from Hellman & Friedman (H&F) and secured an additional $150 million in convertible securities from Sixth Street Growth
Customer Experience Management (CXM) platform Sprinklr announced that it has raised $200 million at a $2.7 billion valuation from Hellman & Friedman (H&F) and secured an additional $150 million in convertible securities from Sixth Street Growth. These investments represent up to $350 million in new capital that Sprinklr plans to use to double-down on the value it is creating for the world’s largest enterprises and accelerate its position as a pioneer of a new class of enterprise software that enables the entire front office to work together.
CXM and consumer-centricity have become essential to the C-Suite. And 72% of businesses say improving customer experience is their top priority, according to Forrester.
Launched in 2009, Sprinklr’s platform was built for one major purpose, which is to provide every customer-facing team with the modern capabilities they need to serve connected customers and enable the entire front office to work together and deliver a more unified customer experience.
This past decade, the vision has followed three phases:
1.) Social — Sprinklr launched with a foundation in social, helping brands listen to, engage, and reach customers across dozens of social channels on one unified platform. And that differentiation cemented Sprinklr as a leader in Social Media Management (SMMS).
2.) Digital — In 2017, Sprinklr expanded its platform and introduced a full suite of digital solutions for each major customer-facing department (Marketing, Advertising, Research, Care, and Engagement) designed to give each the modern capabilities they need to thrive in a world where customers are connected and in control.
3.) CXM — Hundreds of the world’s largest brands have multiple customer-facing functions such as Marketing and Care working together on Sprinklr’s platform to realize the full potential of CXM. And Sprinklr powers 9 of the world’s 10 most valuable brands, and companies including Microsoft, McDonald’s, L’Oreal, Verizon, and Santander.
In the past year, Sprinklr saw continued momentum with several milestones such as the release of over 1,500 new features across its products: Sprinklr Live Chat (enables real-time conversations on websites and mobile apps), new AI-powered capabilities, and Sprinklr Sandbox. And the company acquired Nanigans’ social advertising business and announced new integrations with ServiceNow and Google.
The investment from H&F is expected to close in October after regulatory approvals and customary closing conditions.
“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.”
— Ragy Thomas, CEO & Founder at Sprinklr
“Sprinklr has a unique opportunity to lead a Customer Experience Management market that’s already massive – and growing – as enterprises continue to realize the urgent need to put CXM at the heart of their digital transformation strategy. We spoke to over a hundred customers, and they consistently credit Sprinklr for modernizing their customer experience through its unified, AI-driven enterprise platform, and a team that is deeply passionate about customer delight.”
— Tarim Wasim, Partner at Hellman & Friedman
“Underpinned by a visionary leadership team, strong return on invested capital, and AI technology built to provide the world’s leading brands with the ability to engage their customers across any channel, Sprinklr is defining and leading the enormous new category of Customer Experience Management. We’re excited to be part of Sprinklr’s journey of impressive growth and are pleased that our investment will bolster an already strong balance sheet.”
— Michael McGinn, Partner and Co-head of Sixth Street Growth