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SurveyMonkey

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SurveyMonkey Inc.
FormerlyMomentive Global Inc. (2021–23)
Company typePrivate (1999–2018, since 2023)
Industry
Founded1999; 25 years ago (1999)[1]
Founders
HeadquartersSan Mateo, California, U.S.
Number of locations
San Mateo, Portland, 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 its San Mateo, California headquarters in leased space at Franklin Templeton Investments headquarters,[7] SurveyMonkey also has offices in Portland, Ottawa, Dublin, Amsterdam, London, and Sydney.[8] 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.[9] 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][10]

History

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Founding

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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.[11] The same year, Dave Goldberg joined SurveyMonkey as CEO.[12]

The company went public under the name SurveyMonkey (Nasdaq: SVMK) on September 25, 2018.[13]

Expansion

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In 2010, the company received $100 million in debt financing from Bank of America Merrill Lynch and SunTrust Robinson Humphrey.[14] By 2013, SurveyMonkey raised $800 million in debt and equity valuing the company at $1.35 billion.[15] In September 2013, the company announced HIPAA-compliant features for premium subscription holders.[16]

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.[17]

Dave Goldberg died in May 2015, and Zander Lurie was named chairman of the board in July of the same year.[18][19]

On August 3, 2015, Bill Veghte replaced Goldberg as SurveyMonkey CEO. Veghte held top posts at HP and Microsoft.[20] Veghte left the role after fewer than 6 months due to strategic differences with investors and was replaced by Zander Lurie in January 2016.[21]

In February 2016, SurveyMonkey began polling public opinion using the SurveyMonkey platform.[22] Poll aggregator FiveThirtyEight gives the poll a 'C' rating.[22]

In 2017, the company rolled out "SurveyMonkey Genius" which estimates survey performance and makes actionable suggestions to increase survey effectiveness.[23] In August, the company launched "SurveyMonkey CX" which assists organizations in managing their customer experience programs.[24]

On September 26, 2018, SurveyMonkey (SVMK) made its debut on the NASDAQ Exchange.[25] The stock launched at $12 per share and rose 43% on the first day of trading.[26]

Emory University Goizueta Business School dean Erika James joined the SurveyMonkey board of directors in 2018, creating Gender Parity on the company's board.[27][28]

Acquisitions

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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.[29]

In August 2014, SurveyMonkey acquired Canadian company Fluidware, the creator of FluidSurveys.com and FluidReview.com.[30]

SurveyMonkey acquired TechValidate, a Canadian marketing content automation company in August 2015.[31]

By March 2019, SurveyMonkey acquired Usabilla, an Amsterdam-based website and app survey company, for $80 million in cash and stock.[32] That same year, SurveyMonkey acquired GetFeedback, a San Francisco-based customer experience management company, in August.[33]

Transition to Momentive and buyout offers

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Momentive logo

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.[34][6]

On October 28, 2021, Zendesk announced that it had agreed to acquire MomentiveAI for about $4.1 billion, in an all-stock deal.[35] 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.[36] Although shareholders of Momentive Global Inc. approved the deal, Zendesk's shareholders voted against the acquisition.[37] Subsequently the deal was terminated.[37]

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.[38] The acquisition completed in June that year.[10]

After the emergency phase of the COVID-19 pandemic, SurveyMonkey used its own survey product to determine its employees' preferences as to their working arrangements. 84% voted for a flexible work policy, 81% wanted to work from home up to three days per week, and only 5% preferred to be back in the office all the time.[7] In September 2024, SurveyMonkey downsized its leased headquarters space from 120,000 feet in a Bay Meadows office building to 60,000 square feet in Franklin Templeton Investments's headquarters building.[7]

See also

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References

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  1. ^ Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  2. ^ "SurveyMonkey Office Locations". Retrieved 24 July 2016.
  3. ^ a b "Momentive replaces CEO and changes name back to SurveyMonkey". 15 June 2023.
  4. ^ a b "US SEC: Form 10-K Momentive Global, Inc". U.S. Securities and Exchange Commission. 17 February 2023.
  5. ^ Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". Retrieved 25 June 2021.
  6. ^ a b c "How to Use Online Tools for Customer Surveys". 15 June 2021. Retrieved 25 June 2021.
  7. ^ a b c Martin, Asia (September 16, 2024). "SurveyMonkey talks new San Mateo office". Silicon Valley Business Journal. Retrieved November 21, 2024.
  8. ^ Boerner, Dean (15 March 2019). "Modern Workplaces: Inside SurveyMonkey's bananas office space in San Mateo". Retrieved 25 June 2021.
  9. ^ Swant, Marty (9 June 2021). "SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business". Forbes. Retrieved 25 June 2021.
  10. ^ a b Dorbian, Iris (1 June 2023). "STG-led investor group completes take-private $1.5bn acquisition of Momentive". PE Hub.
  11. ^ Swant, Marty (9 June 2021). "SurveyMonkey Rebrands As Momentive To Fuel Its Growing Enterprise Business". Forbes. Retrieved 25 June 2021.
  12. ^ Novet, Jordan (29 August 2018). "SurveyMonkey files to go public, lost $27 million on $121 million in sales in first half of 2018". CNBC. Retrieved 25 June 2021.
  13. ^ "How to Use Online Tools for Customer Surveys". 15 June 2021. Retrieved 25 June 2021.
  14. ^ Equity, Spectrum (1 April 2009). "SurveyMonkey Receives Investment from Spectrum Equity". Retrieved 25 June 2021.
  15. ^ Lynley, Matthew (3 November 2010). "SurveyMonkey bucks the trend, picks up $100M in debt financing". Retrieved 25 June 2021.
  16. ^ "SurveyMonkey IPO". Fortune. 25 June 2021. Retrieved 25 June 2021.
  17. ^ Konrad, Alex (18 November 2018). "SurveyMonkey Jumps Into Enterprise Market With New Product For Businesses". Forbes. Retrieved 25 June 2021.
  18. ^ Novet, Jordan (29 August 2018). "SurveyMonkey files to go public, lost $27 million on $121 million in sales in first half of 2018". CNBC. Retrieved 25 June 2021.
  19. ^ Lorenzetti, Laura (15 December 2014). "SurveyMonkey is worth $2 billion after new $250 million fundraising round". Retrieved 25 June 2021.
  20. ^ Hardy, Quentin (6 July 2015). "Sheryl Sandberg Joins SurveyMonkey's Board". Retrieved 25 June 2021.
  21. ^ Zhang, Maggie (7 July 2015). "HP's Bill Veghte Joins SurveyMonkey As New CEO". Forbes. Retrieved 25 June 2021.
  22. ^ a b Silver, Nate (2021-03-25). "Pollster Ratings - SurveyMonkey". FiveThirtyEight. Retrieved 2022-03-29.
  23. ^ Live, Research (15 January 2016). "VEGHTE OUT AND LURIE IN AS SURVEYMONKEY CEO". Retrieved 25 June 2021.
  24. ^ Del Rowe, Sam (17 July 2017). "SurveyMonkey Announces People Powered Data Platform". Retrieved 25 June 2021.
  25. ^ "SurveyMonkey Announces Pricing of Initial Public Offering". www.businesswire.com. 2018-09-25. Retrieved 2024-03-03.
  26. ^ Salinas, Sara (26 September 2018). "SurveyMonkey surges 42% in market debut, ends trading at $17 a share". CNBC. Retrieved 25 June 2021.
  27. ^ Sonenshine, Jacob (26 September 2018). "Survey Monkey Pops 43% on IPO". Retrieved 25 June 2021.
  28. ^ Mohan, Pavithra (14 August 2018). "SurveyMonkey's board is now 50% women". Retrieved 25 June 2021.
  29. ^ Mandel, Eric (14 August 2018). "SurveyMonkey adds Emory Dean to Board of Directors". Retrieved 25 June 2021.
  30. ^ Crunch, Tech (11 January 2011). "SurveyMonkey Acquires A 49.9 Percent Stake In Clicktools". Retrieved 25 June 2021.
  31. ^ MacMillan, Douglas (5 August 2014). "SurveyMonkey Acquires Smaller Canadian Rival". Wall Street Journal. Retrieved 25 June 2021.
  32. ^ King, Rachel (4 August 2015). "SurveyMonkey bulking up B2B platform with TechValidate". ZDNet. Retrieved 25 June 2021.
  33. ^ Miller, Ron (5 March 2019). "SurveyMonkey acquires web survey company Usabillla for $80M". Retrieved 25 June 2021.
  34. ^ Vanian, Jonathan (9 June 2021). "SurveyMonkey changes its name as it expands beyond surveys". Retrieved 25 June 2021.
  35. ^ "Zendesk to Buy SurveyMonkey Parent Momentive Global". Bloomberg.com. 2021-10-28. Retrieved 2021-10-30.
  36. ^ Hu, Krystal; Hussain, Noor Zainab (2021-10-28). "Software services firm Zendesk to buy SurveyMonkey parent for nearly $4 bln". Reuters. Retrieved 2021-10-30.
  37. ^ a b Jacob, Denny (2022-02-25). "Zendesk Terminates Deal With SurveyMonkey Parent". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-03-07.
  38. ^ Mathews, Eva (13 March 2023). "SurveyMonkey owner Momentive Global to be taken private in $1.5 bln deal". Reuters.
[edit]
  • Official website
    • Historical business data for Momentive Global Inc:
    • SEC filings
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