customer experience & engagement 2021 - nfluence
TRANSCRIPT
State of the Market Customer Experience & Engagement | 2021
2Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Key Themes We Are Watching
Artificial Intelligence Adoption | Increasingly important to Success for CX & CE Companies
• AI offerings have been increasingly incorporated to improve customer experience and agent utilization and effectiveness
• AI integration is data-intensive in its applications, but essential to drive increasingly emphasized predictive capabilities that enable
businesses to engage more proactively and effectively with their customers
• 40% of Customer Experience centric companies believe the adoption of artificial intelligence technology to be extremely significant
for usage in decision making and recommendations to employees1
Context Sensitive Engagement | Situational Personalization
• Customers still often prefer talking to live agents instead of having automated customer engagement processes during complex
customer situations
• Usage of data and collection from many different sources are important for creating the a more personalized customer experience as
well as adding a more “genuine” feeling interaction.
• As companies make better use of data, it enables foundational changes in the options for interactions with customers across the
customer journey
Prescriptive Personalization | A Critical Success Factor?
• Storytelling and word of mouth style marketing tactics help make CX seem less automated and more individualized
• Customers expect companies to know what they are interested in to demonstrate more intelligent engagement
• Amidst the trend towards more intelligent management of privacy, companies are empowering customers to take more personal
control over their level and channels of engagement
Instant Gratification | Thus the Rise of Bots
• Usage of bots and cognitive computing technology helps create time for human representatives to engage with clients who need more
complex real time assistance
• Customers expect around the clock customer service when reaching out for help or information
• They also appreciate time efficient service, where bots play a key and positive role as long as they work as intended
______
1: Gartner (July 15, 2019)
3Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
COVID Commentary: What was the Impact of the Global Pandemic on CX/CE companies?
COVID-19 accelerated the shift to digital experiences, requiring businesses to quickly reshuffle their priorities to implement
technologies that drive stickier relationships and competitive differentiation
• 38% of companies have indicated that investing in customer experience tools is a key priority over the next year
______
Source: 451 Research, Wall Street Journal
Hyper-Personalization
To create differentiation, companies must invest heavily in improving their CX/CE experience, which has ushered in an
age of hyper-personalization
• 54% of organizations currently have a strong ability to create & deliver personalized experiences
Improved Online Experience
The emphasis on creating strong digital experiences has only grown in the wake of the COVID-19 pandemic
• 51% of enterprises have increased their organization’s overall budget to improve online experiences as a result of the
COVID-19 outbreak
Optimized Customer Journey
The customer journey is already highly complex and will only become more so as new and emerging digital channels of
engagement proliferate and the volume of customer data grows
• 81% of digital leaders state that optimizing the customer journey to increase customer retention and engagement has
recently gained more attention
Privacy Concerns
Consumers have grown increasingly conscious about how their data is utilized, and demand more control over what
happens with their data, a shift bolstered by the changing privacy policies of tech majors like Apple and Google
• 40% of consumers would no longer shop with a business if they are unable to deny access to their personal information
4Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
• Before the pandemic, call centers operated in
a predictable environment in which seasonality
played the most significant role, dictating the
number of calls received each day
• Contact centers could handle only a limited
number of call volume at any given moment
• Amid COVID-19, the increased volume was
more than many companies can handle with
their current customer experience solution
• The lack of available customer service
representatives led to longer wait times, and
frustrated customers
• This fueled the rise in demand for customer
experience solutions that can counter capacity
limitations and enhance the overall customer
experience
COVID Drives Increased Demand for Customer Experience Solutions
Call Center Efficiency Becomes Top Priority
“Customer calls to companies rise
amid coronavirus, but operators
aren’t standing by” –
Wall Street Journal
“A troubling picture for
customer experience and
customer service leaders” –
Harvard Business Review
“Customers run into record phone
waits as companies grapple with
worker safety” –
The Washington Post
“Customer service centers are
experiencing an unprecedented
uptick in overall call volume” –
Venture Beat
“Flawless communication is
important [now] more than ever
to support the smooth
functioning of our world” -
Phonexia
5Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Customer
Experience
(CX)
Customer Experience technologies bias towards understanding how a customer
feels about company’s product, platform, service, or delivery channel.
• CX is broadly understanding the customer, anticipating behavior, and informing strategy
• Considers the context and experiential aspects of a customer's interaction: perception of
function, utility, ease-of-use, and satisfaction throughout the customer journey
• Frequently relies on inward-bound analytics: customer surveys, sales and marketing data
analysis, behavioral tracking, and market research
Customer
Engagement
(CE)
Customer Engagement includes technologies which enable all the touchpoints of
interaction between a company and its customers or prospective customers
• CE encompasses the essential interactions and outward efforts of a firm to its clients
• Considers the channels and methodologies of outreach, brand messaging, and
communication between companies and existing or prospective customers
• Frequently relies on communication and marketing services: AdTech, call-centers, and
technologies that drive customer experience, interaction, and brand perception
Inward to Firm Outward to Customer
Analytical
Interactive
Overlap is common, while distinctions derive primarily from directionality
Nfluence Partner’s View of CX vs CE: A Company’s Relationship to Customers
6Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Thirty Years of Evolution: Refining and Extending the Customer Relationship Paradigm
Customer Experience & AI Usage • 40% of CX-Centric companies view the adoption of AI technology as a significant step in understanding the consumer experience and
driving more personalized engagement—however only 29% of marketers have implemented AI
Customer Engagement & Data • Successes within data-driven marketing and personalized engagement leads the rapid adoption of customer data management
platforms as companies strive to create accurate unified customer identities
$7.8B
From First Tracking and Understanding the Customer to Better Targeting New Prospects, now the 3rd Wave Increasingly focuses on Sustainable Customer Relationships
______
Source: Gartner, Markets And Markets
Customer Relationship
ManagementMarketing Automation
Customer Experience
Management
1990 2000 2015 2020 20251995 2005 2010
7Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
The CX & CE Market Landscape is Rich with Innovation & Consolidation
Customer Relationship Management
Marketing & Advertising Tech
Call & Contact Centers
Support & Engagement Channels
Consumer Data & Analytics
Loyalty, Personalization, & Optimization
Consumer Data Platforming
Customer Feedback & Survey
CECX
8Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
______
Source: Capital IQ as of 3/4/21; refer to public comparables for constituents trading metrics
Constituent Group: NasdaqGS:ADBE, NYSE:CRM, NYSE:TWLO, TASE:NICE, NYSE:ZEN, NYSE:HUBS, NasdaqGS:PEGA, NasdaqGS:JCOM, NYSE:MDLA, NasdaqGS:VRNT, NasdaqGM:FIVN,, NasdaqGS:SVMK, NasdaqCM:EGAN, NasdaqGS:XM
CX & CE Performance since 2018
Customer
Engagement
& Experience
+275.7%
Nasdaq
+81.6%
Dow Jones
Industrial Avg.
+24.6%
S&P 500
+39.8%
MSCI Europe
+13.9%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
Public Customer & Engagement Companies Have Significantly Outperformed the Broader Markets
9Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Macroeconomic Considerations and Impact on Tech M&ALooking Ahead - Several tailwinds will support
robust Tech M&A activity in 2021
• Companies are focusing more on deploying capital to accelerate
growth, gain scale and digitize their businesses
• Markets are supportive with a historically low cost of capital
• Business conditions in COVID-impacted sectors are likely to improve as
vaccination rates increase
• With equity market valuations near all-time highs, an increase in
stock-for-stock transactions is likely
• Markets have been rewarding to acquirers since the outbreak of the
COVID-19 pandemic
‒ In the second half of 2020, M&A activity rebounded on the back of
plentiful capital available at historically low rates; this is
anticipated to serve as a tailwind in 2021
Abundant Capital from Private Equity and SPACs
• Sponsor-led transactions accounted for 26% of overall M&A activity in
2020, the highest proportion since prior to the 2008 Global Financial
Crisis
• As of the end of 2020, financial sponsors were sitting on a record of
$2.9 trillion in dry-powder
• During 2020, 248 new SPACs were listed and raised over $80 billion,
compared to 59 such offerings raising $12 billion in 2019
______
Source: 451 Research, Pitchbook, Morgan Stanley, SPACTrack
$22 $28 $26 $26
$51
$25 $37 $34
$87
$45
$109 612
762 753 743702
757 720
569634
745824
$0
$25
$50
$75
$100
$125
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Acquisitions of VC-Backed Start-Ups Hits All-Time High in 2020
Total Deal Value ($bn) Total Volume
912
8 9
16 15 1512
6
11
38
0
5
10
15
20
25
30
35
40
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Number of Tech Targets Purchased by Blank-Check Companies (SPACs)
10Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
______
Source: 451 Research, Pitchbook
• Propelled by the shift towards digital commerce, 73% of businesses reported CX / CE is becoming a
critical priority and consolidators have captured that functionality through acquisitions
Data, Data, Data
• Huge demand for platforms providing centralized data across all channels
‒ As the demand for more personalized experiences increases, companies rush to create platforms
that can manipulate data from all channels
‒ Data is a focal point for Customer Engagement across all aspects of the process, including campaign
creation, deployment, and analysis, as well as customer experience and interaction
‒ New customer engagement tools have been established to help businesses collect data from more
channels, or have greater control over the entire customer engagement process
AI, Automation, and Bots
• AI-enabled software has become integral in realizing the value of the vast quantities of collected
consumer data
• Bot usage also benefits from AI in speeding up automation of manual processes of data processing,
segmentation, and analysis
• Enabled with machine help companies automate tasks, Bots are leading to increased time spent on the
more personal aspects of customer engagement
Omnichannel Engagement Platforms
• Unification of all channels acts as an incentive for firms to merge
‒ Current customer engagement landscape reflects strong diversity across services (analytics, loyalty
programs, campaign generation) and channels (social media, email, mobile, web) ripe for
consolidation in creating unified customer experience platforms
‒ Companies look to interact with customers across all mediums, both digital and physical to improve
relationships and retention
Digital Transformation Trends are Driving CX/CE M&A
11Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
______
Source: Capital IQ as of 3/4/21; companies arranged by descending LTM Revenue Multiples
Customer Engagement and Experience Comparable Public Comps
• LTM Revenue-Multiple Valuations are aligned to projected forward revenue growth rates
• Companies are being rewarded with increased market valuation for quicker growth
• High growth companies with smaller market caps are experiencing a more pronounced relative increase in multiples
33.0x
26.3x
24.1x 23.9x
16.2x 16.2x
11.6x
10.0x8.6x
7.9x7.1x
4.4x 3.6x2.9x
38.0%
19.7%
31.8%
29.0%
18.2%
26.0%
10.9%
21.9%21.0%
8.9%
17.3%16.3%
5.4% 5.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
LTM Revenue Multiples
Median: 10.8x
’20A – ’21E Growth Rate
12Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
CX & CE Quarterly M&A Activity
Top 3 Acquisitions by Quarter ($M) - Target / Acquirer
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Qualtrics / SAP
SE ($8,000)
ZoomInfo /
DiscoverOrg
($800)
IBM (Assets) /
Centerbridge
Partners ($500)
iPipeline /
Roper
($1,625)
Cision /
Platinum
Equity LLC
($1,484)
Centerfield /
Platinum
Equity ($625)
SAP (Assets) /
Sinch AB
($250)
Reflexis /
Zebra
Technologies
($575)
Segment /
Twilio
($3,200)
SendGrid /
Twilio ($1,738)
Prescribe
Wellness /
Tabula Rasa
HealthCare
($150)
InMoment /
Madison
Dearborn
Partners ($200)
Crossix / Veeva
($430)
Precision
Lender / Q2
Holdings
($510)
Elemidia /
Eletromidia
($500)
FMG Suite /
Aurora Capital
Partners ($217)
Openet /
Amdocs ($180)
Gainsight/
Vista Equity
($1,100)
Compuscan /
Experian
($262)
Falcon.io ApS /
Cision ($125)
Lattice Engines
/ Dun &
Bradsheet
($135)
GetFeedBack
/
SurveyMonkey
($68)
SessionM /
MasterCard
($215)
Wavy Global /
Sinch AB ($116)
Localytics /
Upland
($68)
StellaService /
Medallia ($100)
Emarsys / SAP
SE
($940)
______
Source: 451 Research; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
45
35
4846 47
3331
35
43
$10,556
$1,275 $1,119
$2,323 $2,464
$1,483
$606$935
$4,707
0
10
20
30
40
50
60
4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000Total # of Deals$ in Millions
Deal Volume Deal Value
13Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Localytics (February 7,
2020)
$68m
Selligent (November 2,
2020)
$135m
Sense360 (September 14,
2020)
$44m
SAP SE (Assets) (May 5,
2020)
$250m
Evergage (February 3,
2020)
$100m
Altify (October 7, 2019)
$85m
Conversio (October 8,
2019)
Undisclosed
StellaSevice (September
3, 2020)
$100m
Wavy Global (Mach 26,
2020)
$116m
Bonobo Technologies (May
6, 2019)
Undisclosed
InGenius Software
(October 1, 2019)
$29.4m
Vuture (May 14, 2019)
Undisclosed
LivingLens (February 6,
2020)
$26m
Chatlayer (March 19,
2020)
$7.6m
roundCorner
(January 14, 2019)
Undisclosed
Daily Inches (May 28,
2019)
$45m
Sailthru (January 15,
2019)
$100m
Zingle (September 24,
2019)
$42m
myElefant SAS
(September 26, 2019)
$20.4m
Rebelmail
(October 5, 2018)
Undisclosed
PostUp (April 22, 2019)
$35m
Liveclicker (January 15,
2019)
Undisclosed
Cooladata
(June 3, 2019)
$7.6m
Adestra
(December 13, 2018)
$60m
Delivra (June 21, 2018)
Undisclosed
Strikedeck
(May 8, 2019)
$11m
Rapide Communication
(October 3, 2018)
$65m
Emma (June 21, 2018)
Undisclosed
RO Innovation Inc.
(June 28, 2018)
$14m
Most Active Acquirers in CX & CE (2018 – Present)
(8 deals) (7 deals) (4 deals)(6 deals) (4 deals)
______
Source: 451 Research
Deals shown in descending order, most recent
14Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Provider of a CE platform for
connecting customers across
social media, web, or mobile
chat; analyzes customer
journeys to personalize
experiences
• Acquired by Facebook for
$1B on November 30th,
2020
• Facebook positions itself
strongly in the CE market
by acquiring Kustomer,
positioning the company to
pick up a share of certain
enterprise software
markets and extending its
own CE offerings with
cross-channel customer
service
Provides customer data
infrastructure that helps
businesses put their
customers first
• Acquired by Twilio for
$3.2B on October 12th,
2020
• Twilio enhances its existing
Customer Engagement
Platform by leveraging
Segment’s personalization
functionality, enabling
Twilio to provide a more
personalized, timely, and
impactful engagement
across customer service,
marketing, analytics,
product, and sales
Enables brands around the
world to deliver highly
personalize customer
interactions across email,
mobile, social, and web – at
scale
• Acquired by SAP for $940M
on October 10th, 2020
• The addition of Emarsys to
SAP’s portfolio will bolster
the company’s customer
engagement capabilities.
Uses machine learning and
predictive analytics to
analyze customer behavior
and deliver personalized,
omnichannel campaign
MaritzCX offers a platform
that collects and analyzes
data to drive high-value
customer experience
programs
• Acquired by InMoment on
February 26th, 2020
• Adding MartizCX to
InMoment’s portfolio
broadens the company's
solutions and provides a
strong blue-chip client
base; including eight of the
top ten banks, 90% of the
world’s automotive
companies, and 40% of top
hospitality companies
Select CX & CE M&A Transactions (2020)
• As the demand for tools to better reach and understand consumers has risen, acquisitions in the Customer Engagement & Experience marketplaces
remain hot in order to deliver optimal solutions for maintaining customer loyalty.
• Perfectly targeting audiences requires in depth portfolio of customer identities, signifying the importance of analytics and customer data in
creating said portfolios.
15Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Improved Public Company Valuations Driving Increased M&A Activity
Revenue Multiple Median
• Current Revenue-Multiple Valuations are robust and tied to growth rates
• Faster growing CE & CX SaaS companies tend to see higher valuations
— Smaller, private companies tend to exit at much lower levels compared to their larger public peers
______
Source: CapIQ 3/4/2021 for Current multiples; 2/10/2020 for Pre-Covid multiples
Note: All companies are above $30 million Revenue and have an Implied Enterprise Value of over $150 million or more
Revenue Multiple Mean
4.9x5.8x
11.9x
15.8x
4.8x
9.8x
17.0x
28.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
0-10% 10%-20% 20%-30% 30%-50%
3.6x
5.3x
10.5x
15.6x
3.6x
9.4x
16.2x
28.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
0-10% 10%-20% 20%-30% 30%-50%
Revenue Multiples Revenue Multiples
Revenue Growth Rate Revenue Growth Rate
Pre-Covid Current Pre-Covid Current
16Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
CX & CE Quarterly Capital Raise Activity
Top 3 Investments by Quarter ($M) - Target
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Talkdesk
($100)
C3
($63)
Outreach
($114)
Showpad
($70)
Freshworks
($150)
Infibond
($100)
ContentSquare
($189)
Sprinklr
($650)
MessageBird
($200)
Pindrop
($90)
ContentSquare
($60)
SalesLoft
($70)
Signpost
($52)
Pendo
($100)
Partnerize
($50)
Podium
($125)
AppDirect
($185)
MindTickle
($100)
Braze
($80)
Matterport
($48)
ShowPad
($70)
C3.ai
($50)
CallMiner
($75)
Dixa
($36)
Couchbase
($105)
Talkdesk
($143)
Tungee
($53)
74
66
8984
79 78 79
55
65
$700 $609
$720
$846
$983 $957
$1,404
$1,397
$1,046
0
10
20
30
40
50
60
70
80
90
100
4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Total # of Deals$ in MillionsDeal Volume Deal Value
______
Source: Pitchbook; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed transaction values
17Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Developer of cloud-based call
center software designed to
help growing businesses
improve customer satisfaction
while reducing costs
• $143M Series C in venture
funding from Skip Capital,
Lead Edge Capital, and Top
Tier Capital Partners on
July 23rd, 2020
• Post-money valuation of
$3.14B
• Funding will be utilized to
capitalize on the
company’s current
momentum, particularly by
investing in continued
international expansion
Developer of a software
platform for customer
experience and journey
analytics
• $189M Series D led by
BlackRock on May 19th,
2020
• Funding will be used to
bolster the company’s
investment in innovation,
including AI-based and
predictive analytics while
expanding internationally
across the America’s,
Europe, Asia, and the
Middle East
Developer of communication
APIs designed to connect
companies with their
customers on billions of
devices around the world
• $200M Series C led by
Spark Capital on October
8th, 2020
• Post-money valuation of
$3.0B
• The funds will be used to
triple the size of
MessageBird's global team
and further expand into its
core markets in Europe,
Asia and Latin America, as
the company officially
launches a "Work
Anywhere" policy
Developer of a customer
experience management
(CXM) software platform
designed to provide digital
transformation
• $650M Series F1 led by
Hellman & Friedman on
September 9th, 2020
• Post-money valuation of
$2.7B
• Sprinklr aims to use the
funding to accelerate
growth both domestically
and internationally, while
increasing the
sophistication of its CXM
platform
Select CX & CE Financing Transactions (2020)
• Investment in Customer Engagement & Experience maintains diversity across large and small enterprises
• Company valuations reach higher peaks as overall demand for customer engagement tools increases
• Data evaluation’s significance to personalizing customer experience leads to strong expectations for future growth in the Customer
Engagement marketplace
18Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
RichRelevance provides a suited of personalization and
recommendation tools for ecommerce platforms; designed to
provide both actionable insights to brands and retailers as well
as an enhanced customer experience
• Nfluence led a targeted strategic process that resulted in
multiple bids
• Entered into an agreement to be acquired by Manthan, an
India-based market leader in SaaS solutions for retail
• The vision has been to create a more US centric combined
entity from the merger of RichRelevance and Manthan. This
was accomplished through the following steps:
• RichRelevance received and initial investment from
Manthan simultaneous with a commitment to merge
• Manthan also initiated the process of offshoring its
ownership structure from India to the US
• The combined, merged entity is now branded as
Algonomy and the company is planning an IPO by 2023
Recent Nfluence Partners Transactions in CX & CE
CloudCherry provides
predictive customer analytics
SaaS for call center agents in
the financial, retail,
hospitality, B2B, healthcare
and education sectors
• Acquired by Cisco for an
undisclosed amount in late
2019
• Cloud Cherry marked the
first software acquisition in
Cisco’s traditionally
hardware-centric call
center business
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
QuanticMind’s MarTech
platform utilizes artificial
intelligence (AI) and machine
learning to unify and analyze
data
• QuanticMind’s acquisition
would strengthen Centro’s
Omnichannel Ad
Management platform
• Nlfuence spearheaded a
strategic sale process while
navigating challenges
posed by the impact of
COVID
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
RECEIVED AN
INVESTMENT FROM
Financial Advisor to
the Seller
HAS MERGED WITH
TO FORM
Financial Advisor to
the Seller
19Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Contact Us
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securities. The material is based on information that we consider correct and any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made at the time of
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• 30+ years experience in investment banking and corporate finance
• Executed over 80 public offerings raising over $10 billion
• Completed over 30 M&A transactions and capital raises representing
over $5 billion
• Prior investment banking experience includes:
‒ Managing Director & Head of Technology Investment Banking,
Petsky Prunier
‒ Managing Director & Head of Technology Investment Banking,
Cantor Fitzgerald
‒ Managing Director & Head of Communications Investment
Banking, Piper Jaffray
• MBA, Harvard Graduate School of Business
• BA, University of Pennsylvania
John Sternfield
Managing Director
Mobile: 650-804-1133
• 20+ years experience in investment banking, venture capital and
finance
• Longtime focus on global tech, especially in Asia / emerging markets
• Prior investment banking experience includes:
‒ Managing Director, Pacific Crest Securities
‒ Managing Director, FBR
• Clients include Alibaba (IPO lead manager), 58.com (IPO and strategic
investment from Tencent), Ubiquisys sale to Cisco, 21Vianet (Temasek
/ Singtel transaction), as well as Criteo, YY, and many others
• Ph.D., Politics and Economics, Harvard University
• M.A., International Politics and Economics, Johns Hopkins University
• BA, U.C. Berkeley
Brewer Stone
Partner
Mobile: 415-533-5881
Appendix:Public Comps, Precedent M&A Transactions, and Precedent
Investments
21Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Public Comps: Trading Metrics
______
Source: CapIQ
Trading Metrics($ in millions, except per share data) Stock
Price % of Equity Enterprise EV / Revenue EV / EBITDA
Company Ticker 03/04/21 52W High Value Value LTM CY 2021E CY 2022E LTM CY 2021E CY 2022E
Adobe Inc. NasdaqGS:ADBE $439.06 82% $210,178 $208,894 16.2x 13.7x 12.0x 43.4x 27.6x 24.3x
salesforce.com, inc. NYSE:CRM 205.33 72% 188,082 182,401 8.6x 7.1x 6.0x 55.3x 23.8x 20.1x
Twilio Inc. NYSE:TWLO 346.05 76% 60,486 58,054 33.0x 23.9x 18.2x NM NM NM
HubSpot, Inc. NYSE:HUBS 461.00 84% 21,772 21,309 24.1x 18.3x 14.7x NM NM NM
Qualtrics International Inc. NasdaqGS:XM 33.57 59% 17,159 17,270 23.9x 18.5x 15.5x NM NM NM
Zendesk, Inc. NYSE:ZEN 136.13 82% 16,474 16,680 16.2x 12.9x 10.3x NM NM 86.3x
NICE Ltd. TASE:NICE 217.98 79% 13,726 13,082 7.9x 7.2x 6.6x 30.6x 21.6x 19.7x
Five9, Inc. NasdaqGM:FIVN 166.13 82% 11,389 11,439 26.3x 22.0x 18.7x 689.9x NM NM
Pegasystems Inc. NasdaqGS:PEGA 118.46 80% 10,016 10,147 10.0x 8.2x 6.8x NM NM 67.8x
J2 Global, Inc. NasdaqGS:JCOM 110.62 97% 5,016 6,483 4.4x 3.9x 3.7x 11.2x 9.9x 9.1x
Medallia, Inc. NYSE:MDLA 37.82 78% 5,736 5,549 11.6x 10.0x 8.4x NM NM 79.8x
Verint Systems Inc. NasdaqGS:VRNT 47.81 62% 3,143 3,616 2.9x 2.7x 2.5x 19.3x 15.6x 14.3x
SVMK Inc. NasdaqGS:SVMK 17.82 63% 2,596 2,668 7.1x 6.1x 5.0x NM 52.8x 34.8x
eGain Corporation NasdaqCM:EGAN 9.95 48% 324 273 3.6x 3.4x 2.9x 30.1x 80.2x 37.1x
High 33.0x 23.9x 18.7x 689.9x 80.2x 86.3x
Mean 14.0x 11.3x 9.4x 125.7x 33.1x 39.3x
Median 10.8x 9.1x 7.6x 30.6x 23.8x 29.6x
Low 2.9x 2.7x 2.5x 11.2x 9.9x 9.1x
22Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.ConfidentialState of the Market CX & CE | Spring 2021
Public Comps: Operating Metrics
______
Source: CapIQ
Operating Metrics($ in millions, except per share data) Margins
LTM Revenue Revenue Growth Gross EBITDA
Company As Of LTM CY 2021E CY 2022E '20A-'21E '21E-'22E LTM LTM
Adobe Inc. NasdaqGS:ADBE Nov 2020 $12,868 $15,209 $17,391 18% 14% 87% 20%
salesforce.com, inc. NYSE:CRM Jan 2021 21,252 25,710 30,481 21% 19% 74% 1%
Twilio Inc. NYSE:TWLO Dec 2020 1,762 2,432 3,185 38% 31% 52% (16%)
HubSpot, Inc. NYSE:HUBS Dec 2020 883 1,164 1,450 32% 25% 81% (6%)
Qualtrics International Inc. NasdaqGS:XM Sep 2020 723 932 1,112 29% 19% 72% (34%)
Zendesk, Inc. NYSE:ZEN Dec 2020 1,030 1,297 1,618 26% 25% 76% (10%)
NICE Ltd. TASE:NICE Dec 2020 1,648 1,805 1,991 9% 10% 66% 9%
Five9, Inc. NasdaqGM:FIVN Dec 2020 435 521 613 20% 18% 59% (5%)
Pegasystems Inc. NasdaqGS:PEGA Dec 2020 1,018 1,240 1,486 22% 20% 69% (8%)
J2 Global, Inc. NasdaqGS:JCOM Dec 2020 1,490 1,652 1,761 11% 7% 84% 10%
Medallia, Inc. NYSE:MDLA Jan 2021 477 555 658 16% 19% 64% (19%)
Verint Systems Inc. NasdaqGS:VRNT Oct 2020 1,264 1,350 1,425 5% 6% 68% 3%
SVMK Inc. NasdaqGS:SVMK Dec 2020 376 441 529 17% 20% 78% (15%)
eGain Corporation NasdaqCM:EGAN Dec 2020 76 80 94 5% 18% 74% 7%
High 38% 31% 87% 20%
Mean 19% 18% 72% -4%
Median 19% 19% 73% -5%
Low 5% 6% 52% -34%
23ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.State of the Market CX & CE | Spring 2021
Date Target Target Description AcquirerEnterprise
Value ($M)
Revenue
Multiple
12/31/2020 OpenMarket
Developer of mobile engagement platforms committed to offering cloud-based
messaging services to enterprises allowing it to effectively optimize brand campaigns,
customer outreach programs and marketing plans.
Amdocs $300 N.D.
11/30/2020 Kustomer
The company's platform provides a customer-centric tool that unifies everything that
agents and teams need in one place to manage customer relationships and resolve
issues, enabling clients to manage their business internally and communicate with
customers externally.
Facebook $1,000 N.D.
11/30/2020 Gainsight
The company's platform assists in identifying at-risk customers, creating systematic
processes to mitigate concerns and efficiently ramping up engagement efforts,
enabling enterprises to successfully onboard, retain and expand their customer base.
Vista Equity $1,100 13.8x
11/17/2020 SmarterHQProvider of a customer intelligence-driven marketing automation platform intended
to help online brands seize on a massive opportunity to leverage powerful data. Wunderkind N.D. N.D.
11/12/2020 Pipedrive
The company's tool offers customer relationship management (CRM) software with
customizable fields, Google Apps integration and tools for e-mail tracking, data
importing and exporting and drag and drop capabilities on the sales pipeline, enabling
salespeople in small businesses to plan their activities, track deals and record
conversation history.
Vista Equity Partners $41 N.D.
10/21/2020 Acquire
The company provides syndication and content services to enterprise business
customers in the news media, digital publishing, financial services and corporate
communities, news and multimedia with reliability in formats that make content
instantly usable and searchable.
Moody's N.D. N.D.
10/12/2020 Segment
The company's platform integrates the data generated by websites, mobile apps,
servers and other sources and sends it to third-party tools, internal systems, or SQL
databases, enabling businesses to collect and unify data as well as deliver seamless,
personalized customer experiences across every channel and touchpoint.
Twilio $3,200 20.0x
______
Source: Pitchbook, 451 Research; arranged in descending transaction date
High $3,200.0 20.0x
Mean $727.6 8.2x
Median $500.0 6.3x
Low $41.0 2.6x
Select Precedent M&A Transactions (2020)
24ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
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Date Target Target Description AcquirerEnterprise
Value ($M)
Revenue
Multiple
10/1/2020 Emarsys
The company's digital marketing software simplifies cross-channel execution and
streamlines marketing operations by offering predictive and prescriptive analytics,
customer intelligence, and marketing automation applications in order to enable
clients to achieve their desired business outcomes.
SAP $940 7.2x
9/8/2020 Bullhorn
The company offers cloud-based and mission-critical customer relationship
management (CRM) and operations software that provides automated data and
customer insight technology, enabling global staffing and recruiting industries to
increase sales, improve service delivery and streamline operations.
Stone Point Capital N.D. N.D.
9/3/2020 Optimizely
The company's platform offers ease of use and speed of deployment to create and
run bold experiments that help make data-driven decisions and accelerate growth,
enabling businesses to deliver continuous experimentation and personalization
across websites, mobile applications and connected devices.
Episerver [Insight Venture
Partners]N.D. N.D.
9/01/2020 Reflexis Systems
Provider of retail execution management software. The company’s execution
management software aligns store activities with corporate indicated best-practice
responses to real-time metrics and alerts, enabling organizations to best execute
their customer engagement strategy and uncover profit.
Zebra Technologies $575 8.7x
8/11/2020 Openet
Provider of real-time transaction management services intended to improve
customer engagement by enabling service providers to drive new revenues and
increase their share of customers’ digital spend.
Amcdocs $180 2.6x
8/5/2020 RevionicsDeveloper of a pricing, promotion, markdown and space platform designed to make
consumer-focused, strategy-aligned, data-driven decisions.Aptos [Goldman Sachs] N.D. N.D.
6/23/2020 AnswerDash
The company's cloud-based platform predicts user questions based on web page
content and personalization with a point-and-click self-service UX to help deliver
the right answers at the point-of-action, enabling companies to lower support
tickets and costs and help in higher sales conversions.
Cloudengage N.D. N.D.
______
Source: Pitchbook, 451 Research; arranged in descending transaction date
Select Precedent M&A Transactions (2020) (Continued)High $3,200.0 20.0x
Mean $727.6 8.2x
Median $500.0 6.3x
Low $41.0 2.6x
25ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
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Date Target Target Description AcquirerEnterprise
Value ($M)
Revenue
Multiple
2/26/2020 MaritzCX
The company offers a feedback system that collects and analyzes the voice of
customers and employees through multiple channels, including email, web, print
and phone to accumulate them in a central database for analysis and action.
InMoment N.D. N.D.
2/7/2020 Localytics
The company's platform provides a tool that integrates application marketing portal
like push, in-application and email marketing with an analytics platform, enabling
businesses to leverage real-time user data to run automated, personalized
marketing campaigns and improve user engagement and retention.
Upland Software $68 3.3x
2/3/2020 EvergageDeveloper of a real-time personalization platform designed to deliver the most
relevant, individualized marketing experience.Salesforce $100 5.3x
1/31/2020 Elemidia
The company's media platform customizes advertisements through geolocation, its
automatically links advertisements to variable data such as time and temperature
and can change the advertising pieces according to the communication needs,
enabling agencies and advertisers to reach out to their audience no matter the
distance.
Eletromidia $500 4.5x
1/27/2020 ChatterDeveloper of an online market research platform designed to engage customers in
conversational surveys over text message.Stingray Group N.D. N.D.
______
Source: Pitchbook, 451 Research; arranged in descending transaction date
Select Precedent M&A Transactions (2020) (Continued)High $3,200.0 20.0x
Mean $727.6 8.2x
Median $500.0 6.3x
Low $41.0 2.6x
26ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.State of the Market CX & CE | Spring 2021
Date Target Target Description Notable Investors Deal TypeDeal Size
($M)
Company
Valuation
($M)
12/21/2020 Civis AnalyticsDeveloper of a data platform designed to make data driven better
decisions.
Drive Capital, WPP, Verizon
VenturesSeries A2 $20.8 $200.8
12/10/2020 GorgiasProvider of multi-channel helpdesk services designed for e-commerce
to manage all customer support in one application.
Amplify Partners, CRV, Greycroft,
Sapphire VenturesSeries B $25 $325
12/1/2020 TungeeProvider of an enterprise sales forecasting platform designed to offer
sales analyses and solutions.
Alibaba, Innoangel Fund, Qiming
Venture Partners, Sequoia Capital,
Unity Ventures
Series C $53 $334
11/18/2020 CogitoDeveloper of real-time emotional intelligence software designed to
improve customer engagement.
Battery Ventures, Goldman Sachs
Growth Equity, Herast Ventures,
Safar Partners, Salesforce Ventures
Series C2 $25 --
11/03/2020 Reflektion
Developer of a customer engagement platform designed to understand
and respond to the purchase intent of the individual shopper in real-
time.
Battery Ventures, Clear Ventures,
Intel CapitalSeries C1 $13.5 --
10/26/2020 TechSeeDeveloper of AI-powered visual customer engagement platform
intended to change the traditional way of customer support.
Salesforce Ventures, Scale Venture
Partners, TELUS VenturesSeries C $30 --
10/05/2020 LunchboxDeveloper of a digital ordering platform designed to take back control
of the online ordering experience
645 Ventures, Coatue Management,
Evolution VC PartnersSeries A $20 $100
9/09/2020Sharpen
Technologies
Developer of a cloud-native contact center platform designed to help
companies create perfect customer experiences.
Allos Ventures, Collina Ventures,
Cultivation Capital, Lightchain
Capital, Elevate Ventures
Series A4 $12 --
______
Source: Pitchbook, 451 Research; arranged in descending transaction date
High $650.0 $3,143.0
Mean $61.7 $515.1
Median $25.0 $119.3
Low $11.3 $26.5
Select Precedent Investments (2020)
27ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
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Date Target Target Description Notable Investors Deal TypeDeal Size
($M)
Company
Valuation
($M)
9/09/2020 SprinklrDeveloper of a customer experience management (CXM) software
platform designed to provide digital transformation.
Battery Ventures, JC2 Ventures,
H&F, Intel Capital, Sixth Street
Partners
Series F1 $650 $2,700
7/28/2020 AdvertimaDeveloper of an AI-based software designed to understand human
behavior in the physical world and engage in real-time.
Fortimo Group, Ennea Capital
PartnersSeries A $17.1 $119.3
7/23/2020 Talkdesk
Developer of cloud-based call center software designed to help
growing businesses to improve customer satisfaction while reducing
costs.
Amity Ventures, Franklin
Templeton, Salesforce Ventures,
Storm Ventures
Series C $143 $3,143
7/14/2020 Userlane
The company's software automates user onboarding and staff training,
converts more leads to loyal customers and increases user
engagement, enabling people to operate any software and interface
without the need of learning.
Capnamic Ventures, Five Elms
Capital, Main IncubatorSeries B $11.3 $26.5
7/07/2020 Netomi
Developer of artificial intelligence (AI)-based customer service
platform designed to unlock the power of one-to-one relationships
across the entire customer journey.
Bowery Capital, Index Ventures,
Salesforce Ventures, Y CombinatorSeries A2 $12 $64
6/29/2020 Alida
Operator of cloud-based customer intelligence platform intended to
assist large, customer-centric enterprises discover what their
customers wants.
OMERS Ventures, W Capital
Partners, Vistara Capital PartnersSeries A7 $20 --
5/27/2020 Aircall
Developer of a virtual voice calling software designed to facilitate
remote communication between the customers, partners and
employees.
Adams Street Partners, DTCP,
FundersClub, Kima VenturesSeries C $65 $373.2
5/20/2020 DirectlyDeveloper of a platform intended to provide resilient customer support
by using expert networks and artificial intelligence.
Costanoa Ventures, Northgate
Capital, True VenturesSeries B1 $31 $115
______
Source: Pitchbook, 451 Research; arranged in descending transaction date
High $650.0 $3,143.0
Mean $61.7 $515.1
Median $25.0 $119.3
Low $11.3 $26.5
Select Precedent Investments (2020) (Continued)
28ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,
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Date Target Target Description Notable Investors Deal TypeDeal Size
($M)
Company
Valuation
($M)
5/19/2020 ContentSquareDeveloper of a digital experience insights optimization platform
designed to help businesses understand how users are interacting.
BlackRock, Canaan Partners,
Highland Europe, KKRSeries D $188.8 $772.3
5/07/2020 GrooveDeveloper of a sales engagement platform designed to assist clients to
build relationships with their customers.
Capital One Ventures, Level Equity,
Quest Venture Partners, Uncork
Capital
Series A $12 $54.5
4/13/2020 Xiaoduo AIDeveloper of AI-powered enterprise support chatbot designed to
improve online client service experience.
Chengwei Cpital, Vertex Ventures,
Vision Knight Capital Series C $28.3 --
3/31/2020 CatalystDeveloper of an intuitive customer success platform designed to assist
in customer management operations.
Accel, Compound, Spark Capital,
True VenturesSeries B $25 $128.3
2/20/2020 LeanplumDeveloper of a mobile marketing and multichannel engagement
platform designed to built brand engagement.
Ascolta Ventures, Kleiner Perkins,
Shasta VenturesSeries D1 $27 $114
2/11/2020 MoEngageDeveloper of a marketing automation platform designed to offer user
analytics and engagement.
Eight Roads, Exfinity Venture
Partners, Matrix Partners,
VenturEast
Series C $25 $104.3
2/04/2020 DixaProvider of a conversational costumer engagement platform intended
to create friendship between brands and their customers.JPKE, Project A, Notion Series B $36 --
1/27/2020 Airkit
Developer of a low-code digital engagement platform intended to
accelerate the digital transformation of businesses for better customer
experience.
Accel, Amplify Partners,
Emergence Capital Partners,
Salesforce Ventures
Series A $21.7 $81.7
______
Source: Pitchbook, 451 Research; arranged in descending transaction date
High $650.0 $3,143.0
Mean $61.7 $515.1
Median $25.0 $119.3
Low $11.3 $26.5
Select Precedent Investments (2020) (Continued)