CleverTap, a cloud platform for customer retention headquartered in Mountain View, Calif., has announced its acquisition of Leanplum, a San Francisco-based customer engagement company, on May 19, 2022.
Digital brands will benefit from working with CleverTap and Leanplum to make their customer experiences more customized, relevant and contextual at scale and in real-time. A company's ability to please its customers in their chosen channels and at their preferred times is becoming more important as firms shift to digital-first strategies.
Due to the merger, customers will have access to real-time hyper-personalization, A/B testing and greater scalability in their omnichannel interactions, analytics and segmentation product lines.
Similarities in Culture and Goals
“As the two teams were exploring this deal, it became very clear that the combined value proposition is exponential," said Sunil Thomas, founder and executive chairman at CleverTap. "This is a case of 1 + 1 adding up to 11, instead of 2. These clear synergies and similarity in culture and ambition simply puts the combined entity on a much faster/accelerated track towards innovation, growth and value for customers globally. This is exciting."
Obvious synergies exist in the areas of:
- Product offerings
- Geographical coverage
- Covered industry segments
Thomas told CMSWire that this merger is very exciting for the company's workforce, with a lot of personal and professional growth in store for employees. Despite big changes coming for the brand, not a single employee position will be eliminated.
Globally, the united organization will have over 600 workers, which provides numerous chances for personal development via exposure to a wide range of backgrounds and cultures.
With the two companies combined, Thomas said they will have deeper bench strength across all functions, proven functional leadership and greater resources, all directed towards providing value to customers. The enhanced product offerings will also allow them to match or outpace competitors in the space, particularly with mobile.
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Fast-Tracking Worldwide Growth
Leanplum's experience in product A/B testing, LiveOps and on-screen customization is accessible to current CleverTap clients. Every encounter with a Leanplum client will be enhanced by the addition of a contextual data layer, which is already included as part of the service. As a result, potential customers have access to industry-leading skills, constant innovation and customer success teams that are closer to their home regions.
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“The complete integration will take 3 to 4 quarters," explained Thomas. "Detailed plans are currently in place, at the end of which both existing customers and new prospects will see significantly increased capability and value in their hands. When complete, integration will happen across product, people, technology, markets and customers."
Leanplum has established a definite brand in the US and European markets, which it intends to maintain in the future. For the time being, Leanplum will keep its identity and be referred to as a CleverTap firm.
Plans for 2022 and Beyond
Before this announcement, CleverTap's most recent release was TesseractDB, which was designed on the belief that contemporary companies require a solution that works in real-time. Brands can store unlimited amounts of data in TesseractDB and access all of it in real-time to understand customer likes and dislikes, automate lifecycle journeys, anticipate needs, segment audience groups and recommend content and products.
CleverTap also made another technology acquisition earlier this year, according to Thomas, and the brand will be introducing voice-based mobile applications later this year.
With this newest merger with Leanplum, CleverTap aims to bring forth:
- The creation of the first user Retention Cloud
- A true global company with around 600 employees
- $100 million in annual recurring revenue before the end of 2022
- The ability to grow exponentially over the next five years
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