Sequoia Capital-backed customer retention platform CleverTap has signed definitive agreements to acquire San Francisco-based Leanplum in a stock-and-cash deal. The company did not disclose the size of the transaction.
This acquisition will open up wider opportunities in markets for CleverTap across North America, Europe, Latin America, India, Southeast Asia and the Middle East, the company said in a press release.
The transaction is expected to close in the second quarter of 2022.
Founded in 2012, Leanplum is a customer engagement company that helps brands personalise and optimise all customer touchpoints online.
CleverTap’s current annualised revenue run-rate (ARR) is nearing $100 million. Sunil Thomas started the company in 2013 with Anand Jain and Suresh Kondamudi.
The company works with brands such as Jio, Meesho, PharmEasy, Dream11, Nykaa, Tata Cliq, Air Asia, and Indonesia’s Gojek, among others.
It has around 450 employees across 11 countries, with a product and engineering hub in Mumbai. After the acquisition, the startup will have around 600 employees, with 1,200 customers across the globe. It has clients in over 100 countries.
In October 2019, CleverTap raised $35 million led by existing investors Tiger Global Management and Sequoia Capital India, after which it was valued at $385 million.