SurveyMonkey Completes Acquisition of GetFeedback
September 03 2019 - 5:00PM
SurveyMonkey (Nasdaq: SVMK), a leading global survey software
company, today announced that it has completed its acquisition of
GetFeedback, a leading customer experience management company. A
top-rated feedback solution for Salesforce according to the
Salesforce AppExchange, GetFeedback serves leading brands, which
include enterprise customers like Cisco, 3M, Caterpillar, Johnson
& Johnson, Walgreens, and Salesforce.
“We welcome GetFeedback’s talented
team to the SurveyMonkey family. Together, we’ll work towards
providing our enterprise customers with an accelerated deployment
of customer experience programs, helping them collect actionable
feedback across all their customer-facing channels,” says Zander
Lurie, chief executive officer of SurveyMonkey. “Actionable
insights are critical for all businesses as they strive to
differentiate their products and services in this feedback economy.
The GetFeedback acquisition is a strategic move for us as we
rapidly scale our enterprise offerings with customers in the huge
Salesforce ecosystem.”
“Customer feedback is more important
than ever. Together with SurveyMonkey, we look forward to assisting
brands in boosting customer retention and loyalty through our
combination of strengths,” said Craig Shull, chief executive
officer of GetFeedback.
GetFeedback offers unique
functionality, including a feature called Actions, which allows
customers to surface time-sensitive customer feedback and take
intelligent action based on operational data within Salesforce, to
enhance the customer experience.
According to the Gartner report authored by Analysts Jim Davies
and Ed Thompson, Market Guide for Voice-of-the-Customer Solutions
(6 November 2018) (Gartner subscription required), “Voice of the
customer (VoC) capabilities are needed to provide an outside-in
view of customer experience (CX). Without these capabilities, it is
difficult to quantify customer sentiment and perceptions, identify
improvement opportunities, understand the customer journey, and
measure the impact of CX projects.”
With GetFeedback, SurveyMonkey will offer a premier customer
experience solution within the Salesforce ecosystem. By
combining customer data with feedback data, the companies will
deliver a premium user experience for collecting, sharing, and
acting on customer feedback within global enterprises. The
SurveyMonkey and GetFeedback teams will leverage their combined
product offerings to provide an innovative customer experience
solution for current and future enterprise customers that can be
deployed in days.
More than 60 GetFeedback employees
will join the SurveyMonkey family, bringing the total number of
employees to more than 1200 across 11 offices worldwide.
Financial Outlook
The acquisition will have a de minimis
impact on SurveyMonkey’s Q3’19 revenue. Full year 2019 revenue is
expected to increase by approximately $2-$3 million. The
acquisition is expected to reduce non-GAAP operating margin by
approximately 3 to 5 percentage points in Q3’19 and approximately 2
percentage points for the full year 2019. The expense base includes
approximately $2 million in costs associated with closing the
acquisition. Unlevered free cash flow is expected to be reduced by
approximately $5 million for the full year 2019. These estimates
reflect a reduction related to the fair value adjustment of
acquired deferred revenue.
About
SurveyMonkey
SurveyMonkey is a leading global
survey software company on a mission to power the curious. The
company’s People Powered Data platform empowers over 17 million
active users to measure and understand feedback from employees,
customers, website and app users, and the market. SurveyMonkey’s
products, enterprise solutions and integrations enable 335,000+
organizations to solve daily challenges, from delivering better
customer experiences to increasing employee retention. With
SurveyMonkey, organizations around the world can transform feedback
into business intelligence that drives growth and innovation.
About GetFeedback
GetFeedback powers brands with the
customer experience solution they need to exceed customer
expectations. As the #1-rated feedback solution for Salesforce,
GetFeedback is trusted by leading brands to measure key customer
metrics, take immediate action on feedback, and drive customer
retention and growth. By marrying rich feedback data with
Salesforce customer data, GetFeedback enables companies like
Salesforce, Caterpillar, and Yeti to have a complete view of their
customers and provide the best experience possible.
Press Contact:Sandra
Gharibsandrag@surveymonkey.com
Investor Relations Contact:Karim
Damjiinvestors@surveymonkey.com
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