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CleverTap acquires Leanplum in a stock and cash deal
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The acquisition will work in favor of market expansion
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CleverTap’s current annualised revenue run-rate (ARR) is approaching $100 million
CleverTap, a Sequoia Capital backed customer engagement and user retention software provider, announced the signing of definitive agreements to acquire its San Francisco-based rival Leanplum in a stock-and-cash transaction. The amount of the transaction was not disclosed by the company.
According to the company, this acquisition will expand CleverTap’s market opportunities in North America, Europe, Latin America, India, Southeast Asia, and the Middle East. The transaction is expected to close in the second quarter.
CleverTap Acquires Leanplum in Stock and Cash Deal
According to the company, this acquisition will expand CleverTap’s market opportunities in North America, Europe, Latin America, India, Southeast Asia, and the Middle East. The transaction is expected to be completed in the second quarter of 2022.
Leanplum, founded in 2012, is a customer engagement company that assists brands in personalising and optimising all customer touchpoints online. Sunil Thomas, cofounder and executive chairman of CleverTap, claims that Leanplum is one-third the size of CleverTap in terms of revenue. CleverTap’s current annualised revenue run-rate (ARR) is approaching $100 million, according to him. Thomas founded the company with Anand Jain and Suresh Kondamudi in 2013.
According to Thomas, Leanplum will add significant synergies ranging from product overlap to expanding into new geographies.