Sprinklr Files for IPO: S-1 Filing Details

Sprinklr Files for Confidential IPO

Sprinklr, a customer experience company headquartered in New York, has announced the submission of a confidential S-1 filing with the Securities and Exchange Commission (SEC). This action signals the company’s intention to pursue an initial public offering (IPO).

Details of the Filing

According to a company statement, the draft registration statement on Form S-1 has been confidentially submitted. The precise number of shares to be offered and the anticipated price range will be determined subsequently, pending SEC approval.

The timing of the IPO appears to have accelerated. Previously, the company anticipated going public within a year or so, but current conditions have expedited the process.

Recent Funding and Valuation

Last year, Sprinklr secured $200 million in funding, achieving a valuation of $2.7 billion. This represented the company’s first fundraising event in four years.

At the time of the funding round, founder and CEO Ragy Thomas projected an Annual Recurring Revenue (ARR) of $400 million by the end of 2020. This strong financial position provides a solid foundation for a public offering.

IPO as the Next Step

Thomas had previously indicated that an IPO would be the company’s next significant financial milestone. He affirmed this commitment during the $200 million funding announcement.

Market Opportunity and Competition

Sprinklr views customer experience management as a logical progression from Customer Relationship Management (CRM). The company estimates the total addressable market for customer experience management to be substantial, potentially reaching $100 billion.

However, the company acknowledges significant competition from established players such as Salesforce and Adobe. This competitive landscape influenced the decision to secure additional funding last year.

Company History and Growth

Founded in 2009, Sprinklr initially focused on social media listening. In 2017, the company strategically expanded its focus to encompass the broader field of customer experience.

This expansion included integrating capabilities in marketing, advertising, research, customer service, and e-commerce with its existing social media offerings.