Company:SurveyMonkey

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Short description: American technology company
SurveyMonkey Inc.
FormerlyMomentive Global Inc. (2021–23)
TypePrivate (1999–2018, since 2023)
Industry
Founded1999; 25 years ago (1999)[1]
Founders
  • Ryan Finley
  • Chris Finley
HeadquartersSan Mateo, California, U.S.
Number of locations
San Mateo, Portland, Oregon , Seattle, Dublin, Ottawa, London, Amsterdam, Sydney[2]
Area served
Worldwide
Key people
Eric Johnson (CEO)[3]
ProductsCloud-based experience management and survey software
RevenueIncrease US$481 million (2022)
Increase US$−81 million (2022)
Increase US$−90 million (2022)
Total assetsDecrease US$810 million (2022)
Total equityDecrease US$287 million (2022)
OwnerSymphony Technology Group
Number of employees
1,300 (November 2023)
Websitesurveymonkey.com
Footnotes / references
[4]

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]

Along with a 200,000 square foot headquarter building in San Mateo, California, SurveyMonkey has offices in Portland, Oregon , Seattle, Dublin, Ottawa, 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.[citation needed] The stock launched at $12 per share and rose 43% on the first day of trading.[24]

Emory University Goizueta Business School dean Erika James joined the SurveyMonkey board of directors in 2018, creating Gender Parity on the company's board.[25][26]

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.[27]

In August 2014, SurveyMonkey acquired Canadian company Fluidware, the creator of FluidSurveys.com and FluidReview.com.[28]

SurveyMonkey acquired TechValidate, a Canadian marketing content automation company in August 2015.[29]

By March 2019, SurveyMonkey acquired Usabilla, an Amsterdam-based website and app survey company, for $80 million in cash and stock.[30] That same year, SurveyMonkey acquired GetFeedback, a San Francisco -based customer experience management company, in August.[31]

Transition to Momentive and buyout offers

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.[32][6]

On October 28, 2021, Zendesk announced that it had agreed to acquire MomentiveAI for about $4.1 billion, in an all-stock deal.[33] 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.[34] Although shareholders of Momentive Global Inc. approved the deal, Zendesk's shareholders voted against the acquisition.[35] Subsequently the deal was terminated.[35]

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.[36] The acquisition completed in June that year.[9]

See also

References

  1. ↑ Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. http://usatoday30.usatoday.com/MONEY/usaedition/2012-08-28-Efficient-Small-Business-Ecommerce_CV_U.htm. 
  2. ↑ "SurveyMonkey Office Locations". https://www.surveymonkey.com/mp/aboutus/office-locations/. 
  3. ↑ 3.0 3.1 "Momentive replaces CEO and changes name back to SurveyMonkey". 15 June 2023. https://www.research-live.com/article/news/momentive-replaces-ceo-and-changes-name-back-to-surveymonkey/id/5113423. 
  4. ↑ 4.0 4.1 "US SEC: Form 10-K Momentive Global, Inc.". U.S. Securities and Exchange Commission. 17 February 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1739936/000095017023003212/mntv-20221231.htm. 
  5. ↑ Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". https://fortune.com/2021/06/09/surveymonkey-changes-name-momentive-expands-beyond-surveys/. 
  6. ↑ 6.0 6.1 6.2 "How to Use Online Tools for Customer Surveys". 15 June 2021. https://www.inc.com/guides/2010/07/how-to-use-online-tools-for-customer-surveys.html. 
  7. ↑ Boerner, Dean (15 March 2019). "Modern Workplaces: Inside SurveyMonkey's bananas office space in San Mateo". https://www.bizjournals.com/sanfrancisco/news/2019/03/15/surveymonkey-modern-workplaces-san-mateo-office.html. 
  8. ↑ Swant, Marty (9 June 2021). "SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business". https://www.forbes.com/sites/martyswant/2021/06/09/surveymonkey-rebrands-as-momentive-to-fuel-its-growing-enterprise-business/?sh=4f76edef2189. 
  9. ↑ 9.0 9.1 Dorbian, Iris (1 June 2023). "STG-led investor group completes take-private $1.5bn acquisition of Momentive". https://www.pehub.com/stg-led-investor-group-completes-take-private-1-5bn-acquisition-of-momentive/. 
  10. ↑ Swant, Marty (9 June 2021). "SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business". https://www.forbes.com/sites/martyswant/2021/06/09/surveymonkey-rebrands-as-momentive-to-fuel-its-growing-enterprise-business/?sh=4f76edef2189. 
  11. ↑ Novet, Jordan (29 August 2018). "SurveyMonkey files to go public, lost $27 million on $121 million in sales in first half of 2018". https://www.cnbc.com/2018/08/29/surveymonkey-is-going-public.html. 
  12. ↑ "How to Use Online Tools for Customer Surveys". 15 June 2021. https://www.inc.com/guides/2010/07/how-to-use-online-tools-for-customer-surveys.html. 
  13. ↑ Equity, Spectrum (1 April 2009). "SurveyMonkey Receives Investment from Spectrum Equity". https://www.spectrumequity.com/news/surveymonkey-receives-investment-from-spectrum-equity. 
  14. ↑ Lynley, Matthew (3 November 2010). "SurveyMonkey bucks the trend, picks up $100M in debt financing". https://venturebeat.com/2010/11/03/surveymonkey-debt-financing/. 
  15. ↑ "SurveyMonkey IPO". Fortune. 25 June 2021. http://tech.fortune.cnn.com/2013/01/17/surveymonkey-ipo/. 
  16. ↑ Konrad, Alex (18 November 2018). "SurveyMonkey Jumps Into Enterprise Market With New Product For Businesses". https://www.forbes.com/sites/alexkonrad/2013/11/18/surveymonkey-launches-enterprise-product/?sh=4fbb4b9e65e0. 
  17. ↑ Novet, Jordan (29 August 2018). "SurveyMonkey files to go public, lost $27 million on $121 million in sales in first half of 2018". https://www.cnbc.com/2018/08/29/surveymonkey-is-going-public.html. 
  18. ↑ Lorenzetti, Laura (15 December 2014). "SurveyMonkey is worth $2 billion after new $250 million fundraising round". https://fortune.com/2014/12/15/surveymonkey-is-worth-2-billion-after-latest-fundraising-round/. 
  19. ↑ Hardy, Quentin (6 July 2015). "Sheryl Sandberg Joins SurveyMonkey's Board". https://bits.blogs.nytimes.com/2015/07/06/sheryl-sandberg-joins-surveymonkeys-board/?_r=0&mtrref=undefined&gwh=BAED67F055E64199A54CEFB5086CC0B6&gwt=pay&assetType=PAYWALL. 
  20. ↑ Zhang, Maggie (7 July 2015). "HP's Bill Veghte Joins SurveyMonkey As New CEO". https://www.forbes.com/sites/mzhang/2015/07/07/hps-bill-veghte-joins-survey-monkey-as-new-ceo/?sh=58e2b7005ef8. 
  21. ↑ 21.0 21.1 Silver, Nate (2021-03-25). "Pollster Ratings - SurveyMonkey" (in en). https://projects.fivethirtyeight.com/pollster-ratings/. 
  22. ↑ Live, Research (15 January 2016). "VEGHTE OUT AND LURIE IN AS SURVEYMONKEY CEO". https://www.research-live.com/article/news/veghte-out-and-lurie-in-as-surveymonkey-ceo-/id/5001462. 
  23. ↑ Del Rowe, Sam (17 July 2017). "SurveyMonkey Announces People Powered Data Platform". https://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=119389. 
  24. ↑ Salinas, Sara (26 September 2018). "SurveyMonkey surges 42% in market debut, ends trading at $17 a share". https://www.cnbc.com/2018/09/26/surveymonkey-svmk-ipo-stock-starts-trading-on-the-nasdaq.html. 
  25. ↑ Sonenshine, Jacob (26 September 2018). "Survey Monkey Pops 43% on IPO". https://www.thestreet.com/markets/ipos/survey-monkey-ipo-14724704. 
  26. ↑ Mohan, Pavithra (14 August 2018). "SurveyMonkey's board is now 50% women". https://www.fastcompany.com/90218542/surveymonkeys-board-is-now-50-women. 
  27. ↑ Mandel, Eric (14 August 2018). "SurveyMonkey adds Emory Dean to Board of Directors". https://www.bizjournals.com/atlanta/news/2018/08/14/surveymonkey-adds-emory-dean-to-board-of-directors.html. 
  28. ↑ Crunch, Tech (11 January 2011). "SurveyMonkey Acquires A 49.9 Percent Stake In Clicktools". https://techcrunch.com/2011/01/11/surveymonkey-clicktools/?guccounter=1. 
  29. ↑ MacMillan, Douglas (5 August 2014). "SurveyMonkey Acquires Smaller Canadian Rival". Wall Street Journal. https://www.wsj.com/articles/BL-DGB-36910. 
  30. ↑ King, Rachel (4 August 2015). "SurveyMonkey bulking up B2B platform with TechValidate". https://www.zdnet.com/article/surveymonkey-bulking-up-b2b-platform-with-techvalidate-acquisition/. 
  31. ↑ Miller, Ron (5 March 2019). "SurveyMonkey acquires web survey company Usabillla for $80M". https://techcrunch.com/2019/03/05/surveymonkey-acquires-web-survey-company-usabilla-for-80m/. 
  32. ↑ Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". https://fortune.com/2021/06/09/surveymonkey-changes-name-momentive-expands-beyond-surveys/. 
  33. ↑ "Zendesk to Buy SurveyMonkey Parent Momentive Global" (in en). Bloomberg.com. 2021-10-28. https://www.bloomberg.com/news/articles/2021-10-28/zendesk-to-buy-surveymonkey-parent-momentive-global. 
  34. ↑ Hu, Krystal; Hussain, Noor Zainab (2021-10-28). "Software services firm Zendesk to buy SurveyMonkey parent for nearly $4 bln" (in en). Reuters. https://www.reuters.com/technology/software-services-firm-zendesk-buy-surveymonkey-parent-nearly-4-bln-2021-10-28/. 
  35. ↑ 35.0 35.1 Jacob, Denny (2022-02-25). "Zendesk Terminates Deal With SurveyMonkey Parent" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/zendesk-terminates-deal-with-surveymonkey-parent-11645830504. 
  36. ↑ Mathews, Eva (13 March 2023). "SurveyMonkey owner Momentive Global to be taken private in $1.5 bln deal". Reuters. https://www.reuters.com/markets/deals/momentive-global-be-acquired-by-symphony-led-consortium-15-bln-deal-2023-03-13/. 

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