Jordan Bevan
User engagement and retention platform CleverTap announced that it is acquiring Leanplum, a San Francisco-based multi-channel customer engagement platform, in a stock-and-cash deal.
CleverTap works with brands worldwide in categories like ecommerce, financial services, meal delivery, ride-hailing and more, enabling them to boost app engagement by reaching their customers through plenty of channels like email, push notifications, SMS, and WhatsApp.
The new acquisition follows CleverTap’s first acquisition, Patch, in November 2021.
Leanplum’s engagement platform allows app-first companies to personalize and optimize all customer touchpoints, both inside and outside the app. The company was founded in 2012 by Momchil Kyurkchiev and Andrew First.
The company said the acquisition will open up wider opportunities in markets for CleverTap across North America, Europe, Latin America, India, Southeast Asia and the Middle East. Sunil Thomas, co-founder and executive chairman of CleverTap, said in a blog post announcing the acquisition that the company is projected to become a $100 million ARR company before the end of 2022 and a $500 million ARR company before the end of 2025.
“I welcome, with all my heart, all the Leanplum employees to CleverTap. I cannot wait to start the journey of learning and growth at this new combined CleverTap. I am proud of what we have accomplished in a relatively short period of time. However, most of all, I look forward to a lot of fun and success going forward in order to fulfill the immense potential of the future,” Thomas said.
Financial terms of the deal were not disclosed. The deal is expected to close in Q2 2022.
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