Momentive_(software_company)

SurveyMonkey

SurveyMonkey

American technology company

SurveyMonkey Inc. (formerly Momentive Global Inc. for a short period) is an experience management company that offers cloud-based software in brand insights, market insights, product experience, employee experience, customer experience, online survey development, and a suite of paid back-end programs.[5][6]

Quick Facts Formerly, Company type ...

Along with a 200,000 square foot headquarter building in San Mateo, California, SurveyMonkey has offices in Portland, Ottawa, Dublin, Amsterdam, London, and Sydney.[7] As of 2022, SurveyMonkey employed around 1,400 people.[4]

On June 9, 2021, SurveyMonkey announced its rebrand to Momentive with the intent to better represent their business-to-business product suite. SurveyMonkey will continue to operate as a subsidiary survey platform.[8] The Momentive Inc. product portfolio includes Momentive, GetFeedback, and SurveyMonkey.[6]

Two years later in June 2023 the company rebranded itself back to SurveyMonkey after getting acquired by an investor group led by Symphony Technology Group.[3][9]

History

Founding

SurveyMonkey was founded by Ryan Finley and Chris Finley in 1999. In 2009, Spectrum Equity and Bain Capital acquired a majority interest in the company.[10] The same year, Dave Goldberg joined SurveyMonkey as CEO.[11]

The company went public under the name SurveyMonkey (Nasdaq: SVMK) on September 25, 2018.[12]

Expansion

In 2010, the company received $100 million in debt financing from Bank of America Merrill Lynch and SunTrust Robinson Humphrey.[13] By 2013, SurveyMonkey raised $800 million in debt and equity valuing the company at $1.35 billion.[14] In September 2013, the company announced HIPAA-compliant features for premium subscription holders.[15]

In 2014, the company raised $250 million in equity financing from Google Capital (now CapitalG), Tiger Global Management, Baillie Gifford, T. Rowe Price and Morgan Stanley.[16]

Dave Goldberg died in May 2015, and Zander Lurie was named chairman of the board in July of the same year.[17][18]

On August 3, 2015, Bill Veghte replaced Goldberg as SurveyMonkey CEO. Veghte held top posts at HP and Microsoft.[19] Veghte left the role after fewer than 6 months due to strategic differences with investors and was replaced by Zander Lurie in January 2016.[20]

In February 2016, SurveyMonkey began polling public opinion using the SurveyMonkey platform.[21] Poll aggregator FiveThirtyEight gives the poll a 'C' rating.[21]

In 2017, the company rolled out "SurveyMonkey Genius" which estimates survey performance and makes actionable suggestions to increase survey effectiveness.[22] In August, the company launched "SurveyMonkey CX" which assists organizations in managing their customer experience programs.[23]

On September 26, 2018, SurveyMonkey (SVMK) made its debut on the NASDAQ Exchange.[24] The stock launched at $12 per share and rose 43% on the first day of trading.[25]

Emory University Goizueta Business School dean Erika James joined the SurveyMonkey board of directors in 2018, creating Gender Parity on the company's board.[26][27]

Acquisitions

The company has acquired three other survey tools: Precision Polling, Wufoo, and Zoomerang, as well as a 49.9 percent stake in the UK-based Clicktools.[28]

In August 2014, SurveyMonkey acquired Canadian company Fluidware, the creator of FluidSurveys.com and FluidReview.com.[29]

SurveyMonkey acquired TechValidate, a Canadian marketing content automation company in August 2015.[30]

By March 2019, SurveyMonkey acquired Usabilla, an Amsterdam-based website and app survey company, for $80 million in cash and stock.[31] That same year, SurveyMonkey acquired GetFeedback, a San Francisco-based customer experience management company, in August.[32]

Transition to Momentive and buyout offers

Momentive logo

On June 9, 2021, SurveyMonkey announced its rebrand as Momentive, a new entity that encompasses experience management and corporate insights solutions across a suite of products. Momentive includes SurveyMonkey, GetFeedback, and Momentive Insights.[33][6]

On October 28, 2021, Zendesk announced that it had agreed to acquire MomentiveAI for about $4.1 billion, in an all-stock deal.[34] Chief executive Mikkel Svane of Zendesk said of the acquisition, "We have a big overlap in customers. It's incredibly powerful. And we believe that it will create a whole new, richer picture of your customers," according to Reuters.[35] Although shareholders of Momentive Global Inc. approved the deal, Zendesk's shareholders voted against the acquisition.[36] Subsequently the deal was terminated.[36]

In March 2023, a private equity consortium led by Symphony Technology Group agreed to acquire Momentive in an all-cash deal valued at $1.5 billion.[37] The acquisition completed in June that year.[9]

See also

References

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    Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
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    "SurveyMonkey Office Locations". Retrieved 24 July 2016.
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    Mandel, Eric (14 August 2018). "SurveyMonkey adds Emory Dean to Board of Directors". Retrieved 25 June 2021.
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    Crunch, Tech (11 January 2011). "SurveyMonkey Acquires A 49.9 Percent Stake In Clicktools". Retrieved 25 June 2021.
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    King, Rachel (4 August 2015). "SurveyMonkey bulking up B2B platform with TechValidate". ZDNet. Retrieved 25 June 2021.
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    Miller, Ron (5 March 2019). "SurveyMonkey acquires web survey company Usabillla for $80M". Retrieved 25 June 2021.
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    Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". Retrieved 25 June 2021.
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    "Zendesk to Buy SurveyMonkey Parent Momentive Global". Bloomberg.com. 2021-10-28. Retrieved 2021-10-30.
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    Hu, Krystal; Hussain, Noor Zainab (2021-10-28). "Software services firm Zendesk to buy SurveyMonkey parent for nearly $4 bln". Reuters. Retrieved 2021-10-30.
  36. [36]
    Jacob, Denny (2022-02-25). "Zendesk Terminates Deal With SurveyMonkey Parent". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-03-07.
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    Mathews, Eva (13 March 2023). "SurveyMonkey owner Momentive Global to be taken private in $1.5 bln deal". Reuters.
  • Official website
    • Historical business data for Momentive Global Inc:
    • SEC filings
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