WizRocket Technologies Pvt Ltd, which runs customer retention platform CleverTap, on Thursday said it has signed pacts to acquire multichannel customer engagement platform Leanplum for an undisclosed sum.
The deal is expected to close in the second quarter of 2022.
Post-acquisition will combine the product stack of both the companies and expand the customer base to 1,200 in across 100 countries, CleverTap said in a statement.
“Users today demand to be treated as individuals and this has forced brands to change how they engage with them. CleverTap and Leanplum have both purposely built for a mobile-centric omnichannel world,” said Sunil Thomas, Co-Founder and Executive Chairman of CleverTap.
“The acquisition combines platforms and teams to deliver the best behavior analytics, segmentation, and engagement tools that will enable digital brands to build valuable, long-term relationships with their users. Our combined strength will be a game-changing force for user engagement, retention and monetization.”
CleverTap, which was founded by Sunil Thomas, Anand Jain and Suresh Kondamudi in 2013, is an integrated retention cloud that empowers digital consumer brands to increase customer retention and lifetime value.
It drives context and individualization with the help of a unified and deep data layer, artificial intelligence or machine learning-powered insights and automation.
The company recently appointed Anand Venkatraman as its chief operating officer (COO).
In 2019, CleverTap raised $35 million (approximately Rs 250.28 crore) in a Series C round led by existing investors Tiger Global Management and Sequoia Capital.
It also raised an undisclosed sum from Japan-based diversified consumer and business services provider Recruit Holdings Co in 2018.
In 2015, CleverTap raised $8 million from Sequoia Capital India and existing investor Accel Partners.