CleverTap has signed definitive agreements to fully acquire Leanplum. The deal is expected to close in the second quarter of 2022
The acquisition will enable CleverTap to accelerate user engagement and retention capabilities for its digital clients globally
The acquisition will also take CleverTap’s total customer base to over 1,200 in more than 100 countries around the world
Martech platform CleverTap will acquire San Francisco-based multi-channel customer engagement platform Leanplum for an undisclosed amount.
In a statement, CleverTap said it has signed definitive agreements to fully acquire the US-based platform.The deal is expected to close in the second quarter of 2022.
CleverTap is an artificial intelligence-backed B2B platform which analyses user behaviour and helps organisations send personalised notifications.
The acquisition will help CleverTap accelerate user engagement and retention capabilities for its digital clients globally, and to leverage Leanplum’s platform to ‘hyper-personalise’ user engagement in real-time, the statement said.
It will also help CleverTap scale up its omnichannel engagement and analytics. Leanplum has development centres and customer-facing teams across North America, Europe, Latin America, India, South East Asia and the Middle East.
The acquisition will take CleverTap’s total customer base to over 1,200 in more than 100 countries around the world.
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The startup was founded in 2013 by Anand Jain, Sunil Thomas and Suresh Kondamudi. Speaking on the announcement, CleverTap Executive Chairman and cofounder Thomas said, “The acquisition combines platforms and teams to deliver the best behaviour analytics, segmentation, and engagement tools that will enable digital brands to build valuable, long-term relationships with their users.”
CleverTap has so far raised $76.1 Mn across different funding rounds and is backed by marquee names such as Sequoia, Tiger Global and Accel. The California and Mumbai headquartered startup had last raised $35 Mn as part of its Series C funding round, led by Sequoia Capital and Tiger Global.
CleverTap claims that its clients created more than 9 Mn campaigns and sent over 1 Tn personalised messages to their users last year.
The startup has many big clients under its belt, including PharmEasy, Nykaa, MX Player, Tata CLiQ, Premier League, Dream11, Air Asia, Carousell, and Gojek.
CleverTap claims to have crossed $55 Mn in Annualised Run Rate (ARR) in March this year. It also claims to have gross margin upwards of 73% and net revenue retention at 124% in FY22. The startup plans to reach an ARR of $100 Mn by the end of this year.
The startup also plans to ramp up its presence in key markets of North America and Europe this year.
The startup competes with players such as WebEngage, Xeno, MoEngage and Capillary Tech.
In 2021, Indian enterprisetech startups raised more than $3.2 Bn in investments. A report by SaaSBOOMi said that the Indian SaaS sector is on track to generate revenue between $50 Bn and $70 Bn by 2030. The report also found that Indian entrepreneurs are likely to dominate 4%-6% of the global market by 2030.