New York-based social-media management company, Sprinklr has acquired location-specific text analytics software startup NewBrand for an undisclosed amount.
Sprinklr, the world’s most complete enterprise social technology company, will now be able unearth a deeper layer of customer insights from across more than twenty social channels with the integration of NewBrand’s technology. Augmenting the NewBrand’s intelligence with Sprinklr’s social experience management will let customers to act on these insights and create even more valuable customer experiences.
“NewBrand provides industry-specific, function-specific insights from unstructured data that is valuable to Sprinklr as we build the ‘brain’ behind our operating system,” said Sprinklr CEO Ragy Thomas. The foundation for the NewBrand lies on the belief that all spontaneous commentary from the review sites can assist the brand to do in-depth study into the important aspects for their customers, said the CEO of the company Kristin Muhlner. “We are giving structure to the data and giving brands the power to take action against it,” Muhlner said.
“According to Zendesk, 45% of consumers use social media to share negative customer service experience while only 30% share positive experiences.” said Matthew Tennant, Global Director of Social at McDonald’s. “That divide means that marketers cannot simply reply on surface-level feedback to evaluate customer experiences. We need to dig deeper and adding sophisticated location-specific text analytics to the Sprinklr platform will afford us a unique opportunity to improve precision and relevancy in our social engagement across every channel and maximize positive outcomes for our customers, ” he added.
“Modern marketers need better tool to engage with increasingly empowered consumers, and Sprinklr is providing that by changing the way that brands learn about and communicate with their customers. Infusing our location-specific text analytics into the unmatched infrastructure that Sprinklr has built will change the customer experience marketplace,” said Muhlner.
As per the merger, NewBrand’s Washinton, D.C., headquarters and employees that supports global clients like Hyatt, Subway, Kohl’s and Washington D.C Government will become part of Sprinklr’s newest global office. NewBrand’s 40 employees will now start working under the new ownership.
There is no common venture capital investors between Sprinklr and New Brand Analytics. NewBrand analytics was last funded in April 2014 when it raised $5 million in a funding round led by New Enterprise Associates with participation from Steve Case’s Revolution Ventures.
Acquisition is not something new to Sprinklr. It does not spend any month without acquisitions and if it happens it is a rare scenario. “It is our seventh acquisition in the last 24 months,” Thomas said regarding the latest acquisition. Last month, Sprinklr acquired a Brazilian firm Scup that provides social media monitoring, customer care and analytics technology. This firm was acquired to expand its functions into South America.
Last April, Sprinklr bought customer engagement community platform Get Satisfaction. The acquired company is being used to help clients deliver community-based customer support. In the same month, the company raised $46 million which increased the company’s valuation to $1 billion. The latest funded amount has boosted the acquisition spree of the company even further.
Around January this year, Sprinklr agreed to buy the social-community software specialists at Pluck from media-holding company Demand Media. Financial terms of the deal were not revealed. With the help of Pluck, Sprinklr strengthened its potential to assist big brands display social content within ecommerce and other owned properties. Pluck did not come alone in its acquisition, it brought along 75 brand clients that included L’Oréal, Mattel and Walgreens. That boosted the business further for Sprinklr.
With many more acquisitions like Branderati, Dachis Group, Sprinklr boasts hundreds of clients that consists of GM, Virgin America, Samsung and Microsoft. Seeing the growth of the company, investors like Intel Capital, Battery Ventures and Iconiq Capital have now invested about $123 million into the social-media management firm.