SurveyMonkey

Last updated
SurveyMonkey Inc.
FormerlyMomentive Global Inc. (2021–23)
Company type Private (1999–2018, since 2023)
Industry
Founded1999;25 years ago (1999) [1]
Founders
Headquarters San 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
RevenueIncrease2.svg US$481 million (2022)
Increase2.svgUS$−81 million (2022)
Increase2.svgUS$−90 million (2022)
Total assets Decrease2.svgUS$810 million (2022)
Total equity Decrease2.svgUS$287 million (2022)
Owner Symphony Technology Group
Number of employees
1,300 (November 2023)
Website surveymonkey.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]

Contents

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

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. [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

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

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

Momentive logo 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. [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 was 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]

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References

  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. 1 2 "Momentive replaces CEO and changes name back to SurveyMonkey". 15 June 2023.
  4. 1 2 "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. 1 2 3 "How to Use Online Tools for Customer Surveys". 15 June 2021. Retrieved 25 June 2021.
  7. 1 2 3 Martin, Asia (September 16, 2024). "SurveyMonkey talks new San Mateo office" . Silicon Valley Business Journal. Retrieved November 21, 2024. This article incorrectly states that Franklin Templeton Investments' headquarters is located four miles away from Bay Meadows in downtown San Mateo; it is actually located only about a half mile east of Bay Meadows.
  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. 1 2 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. 1 2 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. 1 2 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.
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