Executive interview series by Vinay Bhagat, CEO TrustRadius
Battle Intensifies with $250m Raised in Last 12 Months
On April 29th, Social Media Management software company Sprinklr announced $40m in financing from Iconiq Capital, a firm which manages assets for some high profile technology executives, bringing their total funds raised to $77.5 million. In the last 12 months, three social media software companies targeting the enterprise have raised close to $250 million. Spredfast raised $32.5m on January 3rd. Hootsuite raised $165m in August 2013. These figures exclude the internal investments made by large software companies like Adobe, Salesforce and Oracle in their acquired social media management solutions.
Enterprise Suites Expand Organically and via Acquisition
As we discussed in our Buyer’s Guide to Social Media Management and blog post, “Social Media Management in Large Enterprises”, many large enterprises have unique needs including the ability to manage cross-functional coordination. Sprinklr and several of its competitors are adding capabilities historically offered by point solutions either organically or via acquisition.
With their funding, Sprinklr announced the launch of a paid media platform, to help companies deploy and measure the performance of paid media ads. This product is designed to compete with solutions like Kenshoo. This announcement follows on the heels of their acquisition of the Dachis Group on February 19th, which brought product capabilities for brand analytics, social governance, employee advocacy and content optimization, as well as an expanded strategy and services team.
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