Customer experience software company Sprinklr files for IPO

Customer experience management software company Sprinklr Inc. filed its paperwork May 28 with the U.S. Securities and Exchange Commission for an initial public offering.

Founded in 2009, Sprinklr provides cloud services that large enterprises use to manage interactions with customers. The company offers five services for managing customer-facing activities, including marketing, technical support and product feedback collection, with thousands of features among them.

As noted when its last raised $200 million on a $2.7 billion valuation in September, Sprinklr includes support for marketing departments and customer care departments. For marketing departments, Sprinklr offers tools to create promotional materials, launch ad campaigns and analyze the impact of their work. For customer care departments, the company sells tools for speeding up repetitive chores such as assigning support requests to team members.

The company’s management software also offers machine learning capabilities across its portfolio that can assist with tasks such as customer analytics.

Sprinklr has an impressive lineup of top-tier enterprise customers. Notable clients include Microsoft Corp., Cisco Systems Inc., Samsung Electronics Co. Ltd., Verizon Communications Inc., Bharti Airtel Ltd., Capital One Finance Corp., McDonald’s Corp., Comcast Corp., Diageo plc, Bayer AG, Honda Motor Co. Ltd. and Allstate Corp. According to Renaissance Capital, Splinkr has 1,179 customers, including more than 50% of the Fortune 100.

Coming into its IPO, Reuters reports that Spirnklr saw booked $386.9 million in revenue for the year ending Jan. 31. Despite its longevity as a startup at 12 years old, the company is not profitable, reporting a net attributable loss of $41.2 million up to Jan. 31, compared with $39.1 million the year before. Sprinklr’s revenue in the three months up to April 30 rose 19.3% year-over-year, to $111 million.

The IPO has been a long time coming from Sprinklr. Timing is everything when it comes to going public, and although there has been the odd IPO sputter, such as with Squarespace Inc. recently, software companies have mostly found a willing investor audience. Recent successful IPOs include cybersecurity software firm Darktrace plc, automation technology platform provider UiPath Inc. and cryptocurrency service provider Coinbase Inc.

Coming into its IPO, Sprinklr has raised $429 million in venture capital and private equity rounds dating back to 2012, according to data from Crunchbase. Investors include Hellman & Friedman, EDBI, Wellington Management, Temasek Holdings, Intel Capital, ICONIQ Capital and Battery Ventures.

This article originally appeared in SiliconAngle.

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