Customer Experience Startup Sprinklr Hits $2.7 Billion Valuation With $200 Million Private Equity Cash Infusion

With 1,900 employees across 25 offices and more than 1,000 corporate clients including JPMorgan, Citibank and Samsung, Sprinklr plans to use the large amount of combined funding to accelerate its expansion plans globally, Thomas says. Sprinklr claims it generated positive free cash flow in 2019 and remains on track to do the same this year, with forecasted annual recurring revenue of $400 million.

As businesses have increasingly depended on online communications to connect with customers, Thomas says the pandemic has boosted Sprinklr’s business, while declining to share specifics on the company’s recent sales or customer growth. “We are one of the companies that are benefitting from the Covid-19 tailwind,” Thomas says.

Thomas has a lengthy track record in communications marketing. In the early 2000s, he was the CTO of Bigfoot Interactive, an email marketing company later acquired by Epilson Interactive Services Group for $120 million. Having seen email’s limited ability to target customers first-hand, Thomas recognized the growing power of young platforms such as Facebook and Twitter for communicating with customers.

But by 2016, as the social media channels matured and Sprinklr looked to expand beyond them, it hit difficulties even while raising large amounts of venture capital cash. Customer retention rates dipped to close to 80%, down from mid-90%, after employees in customer-facing functions left the company, a factor Thomas blames on executives he hired who “nickeled and dimed” customers. “I brought on a set of talented folks, but they didn’t reflect the Sprinklr culture,” he says.

After a near-complete overhaul, Sprinklr’s product today purports to provide more of a bird’s eye view for enterprise-grade companies to track their communications everywhere, from social media to text messages, instant messaging and blogs. For example, fashion house Prada

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