In another case of vendor consolidation, retention cloud Clevertap is acquiring Leanplum, a multichannel engagement platform, the firm announced on Thursday. Terms were not disclosed.
The deal, which is expected close in Q2 of 2022, will strengthen Clevertap’s international reach, enabling it to serve over 1,200 clients in more than 100 countries.
The combined firms will help digital brands deliver hyper-personalized user experiences at scale in real time, Clevertap says. And they will provide A/B testing, analytics and segmentation product lines.
In addition, the combined stacks will facilitate end-to-end user engagement and enable brands to break down user communication silos and increase lifetime value.
“We are seeing a seismic shift in the marketing technology landscape,” states Sunil Thomas, co-founder and executive chairman of Clevertap. “Users today demand to be treated as individuals, and this has forced brands to change how they engage with them.”
Thomas adds, “Clevertap and Leanplum have both purposely built for a mobile-centric omnichannel world.”
Post-purchase, Clevertap will have 600 employees. Moreover, the acquisition will add 30%-35% to its revenue line.
Clevertap expects to cross ARR of $100 million before the end of 2022, and says it aims to grow tenfold in the next five years.
The firm says it has organically tripled revenue since the funding round in 2019.
Clevertap now has a presence in North America, Europe, Latin America, India, South East Asia and the Middle East.
In 2019, Leanplum announced it had raised $27 million in an extension of its Series D growth round