SurveyMonkey

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SurveyMonkey Inc. (formerly Momentive Global Inc. from 2021 to 2023) 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.[1][2]

Along with its San Mateo, California headquarters in leased space at Franklin Templeton Investments headquarters,[3] SurveyMonkey also has offices in Portland, Ottawa, Dublin, Amsterdam, London, and Sydney.[4] since 2022Template:Dated maintenance category (articles)Script error: No such module "Check for unknown parameters"., SurveyMonkey employed around 1,400 people.[5]

On June 9, 2021, SurveyMonkey announced its rebrand to Momentive with the intent to better represent their business-to-business product suite. SurveyMonkey continued to operate as a subsidiary survey platform.[6] The Momentive Inc. product portfolio included Momentive, GetFeedback, and SurveyMonkey.[2]

In June 2023, the company rebranded itself back to SurveyMonkey after being acquired by an investor group led by Symphony Technology Group.[7][8]

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.[9] The same year, Dave Goldberg joined SurveyMonkey as CEO.[10]

The company went public under the name SurveyMonkey (Nasdaq: SVMK) on September 25, 2018.[11]

Expansion

In 2010, the company received $100 million in debt financing from Bank of America Merrill Lynch and SunTrust Robinson Humphrey.[12] By 2013, SurveyMonkey raised $800 million in debt and equity valuing the company at $1.35 billion.[13] In September 2013, the company announced HIPAA-compliant features for premium subscription holders.[14]

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.[15]

Dave Goldberg died in May 2015, and Zander Lurie was named chairman of the board in July of the same year.[16][17]

On August 3, 2015, Bill Veghte replaced Goldberg as SurveyMonkey CEO. Veghte held top posts at HP and Microsoft.[18] Veghte left the role after fewer than 6 months due to strategic differences with investors and was replaced by Zander Lurie in January 2016.[19]

In February 2016, SurveyMonkey began polling public opinion using the SurveyMonkey platform.[20] Poll aggregator FiveThirtyEight gives the poll a 'C' rating.[20]

In 2017, the company rolled out "SurveyMonkey Genius" which estimates survey performance and makes actionable suggestions to increase survey effectiveness.[21] In August, the company launched "SurveyMonkey CX" which assists organizations in managing their customer experience programs.[22]

On September 26, 2018, SurveyMonkey (SVMK) made its debut on the NASDAQ Exchange.[23] 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

File:Momentive-logo.png
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.[32][2]

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 $1.5Script error: No such module "String".billion.[36] The acquisition was completed in June that year.[8]

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.[3] 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.[3]

See also

References

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External links

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