Founded in Mumbai in 2013 and headquartered in Mountain View, California, CleverTap’s customer engagement and retention SaaS platform leverages machine learning and artificial intelligence to offer a  comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers. CleverTap’s subscription-based solution has been adopted by a loyal customer base of  1,200 brands in 100 countries representing 10,000 apps across industries including Fintech, eCommerce,  Subscription, On Demand, and Streaming media.

In June 2022, CleverTap completed the acquisition of San Francisco-based Leanplum, a leading multi-channel customer engagement platform, further strengthening its footprint in North America and  Europe. In the same month, it also unveiled TesseractDB™, the world’s first purpose-built database designed to dramatically improve user engagement and retention for digital consumer brands.

“Our vision has been to reshape the way businesses engage with their consumers and bring the tech to  MarTech. The addition of long-term investors CDPQ and IIFL AMC Tech fund to CleverTap’s existing backers, Sequoia India, Accel, Tiger Global, and Recruit Holdings is a great endorsement of the successful business we have built, the innovation we bring to the market and the growth potential CleverTap holds,”  said Sunil Thomas, Co-founder and Executive Chairman, CleverTap. “The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams. The last few months have been quite exciting for us with the Leanplum acquisition and unveiling of TesseractDB™. And now  with the new institutional investors coming on board we have all that we need to grow at a faster rate while  consolidating our position as the global leader in the retention space.”

“CleverTap has established itself as a partner of choice for its clients by helping them generate significant incremental revenue. Its subscription-based platform offers a single and reliable source of information that  allows brands to maximize the lifetime value of their existing customers by engaging them in a highly personalized way” said Martin Laguerre, Executive Vice-President and Head of Private Equity, CDPQ. “As  consumer brands are increasingly focused on customer retention and prioritize tools offering tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help  more businesses enhance their customer experience.”

“CleverTap is a fast-growing SaaS company that not only has recurring revenue streams and top tier financial metrics, but also a scalable business model with large addressable markets” added Meng Ann  Lim, Managing Director, Direct Private Equity for Asia Pacific, CDPQ. “This investment is in line with our  strategy to work with innovative companies that enable rapid digital transformation, especially in the Asia Pacific region where high smartphone penetration is facilitating the digitalization of the economy at a rapid  pace.”

“Enterprises are increasingly looking to engage with customers in a real time and in a personalized manner across digital channels. CleverTap’s full stack approach to customer engagement allows them to perform user analytics and run personalized customer campaigns on a real-time basis which enables companies to  improve user retention and understand user journeys across channels” said Chetan Naik, Fund Manager and Senior Executive Vice-President, Private Equity at IIFL AMC. “CleverTap has built a unique product  suite and analytics capabilities that runs over a proprietary database. CleverTap is one of the fastest-growing SaaS companies with best-in-class revenue retention rates. We are excited to partner with them  in their journey of creating a leading global customer retention platform out of India.”

“The latest fundraise reaffirms customer and market belief in CleverTap and our growth potential. This fundraise will help us elevate our growth trajectory and further enable us to innovate better and faster while staying ahead of the curve,” said Sidharth Malik, Chief Executive Officer, CleverTap. “The paradigms of user engagement are changing, and as industry leaders we are best positioned to help businesses adapt to this ever-evolving consumer landscape. Our recent acquisitions helped us expand our foothold in North  America and Europe, and enhance our leadership in verticals such as on-demand and subscription.”

As part of the transaction, CDPQ will join CleverTap’s Board of Directors upon closure of this funding round.  IIFL AMC’s investment is subject to approval from Securities and Exchange Board of India (SEBI).

ABOUT CLEVERTAP 

CleverTap is the World’s No.1 retention cloud that empowers digital consumer brands to increase customer retention and lifetime value. CleverTap drives contextual individualization with the help of a unified and deep data layer, AI/ML-powered insights, and automation enabling brands to offer hyper-personalized and delightful experiences to their customers. 1,200 customers in 100 countries and 10,000 apps, including  Gojek, ShopX, Canon, Electronic Arts, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa  John’s, and Tesco, trust CleverTap to achieve their retention and engagement goals, growing their long term revenue. Backed by leading investors such as Sequoia India, Tiger Global, Accel, CDPQ, IIFL and  Recruit Holdings, the company is headquartered in Mountain View, California, with offices in Mumbai,  Singapore, Sofia, São Paulo, Bogota, Amsterdam, Jakarta, and Dubai. For more information, visit clevertap.com or follow on LinkedIn and Twitter.

ABOUT CDPQ 

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets,  private equity, infrastructure, real estate and private debt. As at December 31, 2021, CDPQ’s net assets totaled CAD 419.8 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. 

ABOUT IIFL AMC 

IIFL Asset Management (IIFL AMC) is a part of IIFL Wealth and Asset Management. IIFL AMC is an alternates-focused asset management and has been playing a pivotal role in the growth of the AIF industry in India. A disciplined and active management approach combined with research-led strategies allows IIFL  AMC to tap into India’s potential for delivering on its commitments and long-term growth. The AMC’s diversified suite of mutual funds, PMS, alternative investment funds, credit funds and venture capital funds span public and private equities as well as fixed income securities and real estate. IIFL AMC’s distinctive products bring out the entrepreneurial edge, agility and speed of execution of a boutique asset management business, while providing gold standards of corporate governance of a large corporation with a long-term focus.

For more information  

SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

MEDIA RELATIONS TEAM, CDPQ
+ 1 514 847-5493
medias@cdpq.com

Forward-Looking Statements 

Some of the statements in this press release may represent CleverTap’s belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make  any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

The post CleverTap Raises US$105M in Series D Funding Round Led by CDPQ appeared first on Leanplum a CleverTap Company.

This acquisition will make CleverTap a truly global company with development centers and customer-facing and success teams across North America, Europe, Latin America, India, South East Asia and the Middle East. Combining the product stack of the two organizations, this acquisition will enhance CleverTap’s capabilities and take its total customer base to over 1000 customers in more than 100 countries around the world. The deal is expected to close in Q2 of 2022.

Together CleverTap and Leanplum will work with digital brands to help increase their users’ engagement, retention and lifetime value by making every user experience hyper-personalized, relevant and contextual at scale in real time. As more businesses become digital-first, brands need to serve their users with delightful moments where they are, when they want and on their preferred channel. CleverTap and Leanplum will now bring real-time hyper-personalization, A/B testing and increased scalability to its omnichannel engagement, analytics and segmentation product lines. As a result, growth and marketing teams globally will now be able to utilize the only end-to-end user engagement and retention cloud platform, enabling them to break down user communication silos and increase the overall lifetime value of each user.

“We are seeing a seismic shift in the marketing technology landscape,” says Sunil Thomas, CleverTap Co-founder and Executive Chairman. “Users today demand to be treated as individuals, and this has forced brands to change how they engage with them. CleverTap and Leanplum have both purposely built for a mobile-centric omnichannel world.” The acquisition, he says, combines platforms and teams to deliver the best behavior analytics, segmentation, and engagement tools that will enable digital brands to build valuable, long-term relationships with their users. “Our combined strength will be a game-changing force for user engagement, retention and monetization, creating tremendous value for our customers. I am very excited to welcome Leanplum to the CleverTap family.”

“When we started Leanplum, our vision was to meet customers’ real-time needs at the cutting edge of technology,” says Momchil Kyurkchiev, Co-founder and Chief Product Officer, Leanplum. “We have succeeded in that, but as the market has matured, to fully meet the increasing demands put on brands today, we needed to bring in the best analytics, segmentation, and engagement tools, to help our customers build valuable, long-term relationships with their customers. This is why joining forces with CleverTap makes the most sense, and I am excited about the combined capabilities we will now bring to Leanplum customers worldwide.”

“I am looking forward to the journey with Leanplum. This coming together with Leanplum marks a monumental moment across the marketing technology landscape,” says Sidharth Malik, CleverTap Chief Executive Officer. “This bridges the gap created by multiple martech tools and customer data platforms and will meet the growing needs of user-obsessed digital brands in a much more efficient way. Our ‘better together’ vision is about integrating our cumulative strengths around people, process and technology to cement our position as the global leader in the user engagement and retention space. Joining forces allows us to bring advanced product and technology capabilities as brands strive to do live segmentation, anticipate user intentions and actions, automate and deploy real-time campaigns for the highest possible conversions, all from one single dashboard.”

About CleverTap

CleverTap is the modern, integrated, retention cloud that empowers digital consumer brands to increase customer retention and lifetime value. For brands that understand and value user retention, CleverTap drives context and individualization with the help of a unified and deep data layer, AI/ML-powered insights and automation. Customers worldwide representing over 10,000 apps, including Vodafone Idea, SonyLIV, Daimler, Gojek, Carousell, and Premier League, trust CleverTap to achieve their retention and engagement goals, growing their long term revenue. Backed by leading venture capital firms, including Sequoia India, Tiger Global Management, and Accel, the company is headquartered in Mountain View, California, with offices in Mumbai, Singapore, and Dubai. For more information, visit clevertap.com or follow on LinkedIn and Twitter.

Media Contact:
Sony Shetty
CleverTap
sony@clevertap.com

Forward-Looking Statements

Some of the statements in this press release may represent CleverTap’s belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could amount in the actual result being absolutely different from the results anticipated by the statements mentioned in the press release. Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

The post Retention Cloud Leader CleverTap Acquires Leanplum appeared first on Leanplum a CleverTap Company.