New IPO Filing Sprinklr $CXM, Marketing SaaS Customer Experience Software

$CXM Sprinklr sells a software as a service (SaaS) customer experience management platform. The company’s product (also called Sprinklr) combines five different products: marketing, advertising, research, care and engagement.

Sprinklr + Trustpilot

$CXM Sprinklr was founded in 2009 by Ragy Thomas in New York, and has grown 19% YoY in 2020 to $386M in revenue. It was last valued at $2.7B in Sep 2020 when it raised $200M.

$CXM Sprinklr has raised approximately $585M since it was founded.

$CXM sells its platform on a subscription basis annually to over 1000 customers including TikTok, Facebook, Prada, Cisco, Microsoft and Nike.

Sprinklr Pricing, Alternatives & More 2021 - Capterra

Over the last decade, Sprinklr $CXM has acquired 12 companies including UserRules, Scup, Little Bird, Branderati & new brand Analytics.


$CXM platform

$CMX Sprinklr platform is architected to ingest unstructured and structured data from more than 30 channels in real time, including audio, video and images.


$CXM Sprinklr has 4 modules.

Modern Research – listen to and learn from the market, customers, and competitors to act inreal-time.
Modern Care – serve customers on the channels they choose, increasing satisfaction, driving loyalty and reducing costs.
Modern Marketing & Advertising – personalize ads with content that is relevant, authentic, timely and effective.
Modern Sales & Engagement – engage with and sell to customers on the channels they use most.



The total addressable market for Unified-CXM (Customer Experience Management) platform is approximately $51B as of 2021, growing at 7% YoY.

Ragy Thomas, Founder & CEO Sprinklr


1,179 customers, including more than 50% of the Fortune 100. 69 customers with subscription revenue equal to or greater than $1M for the trailing 12-month period, which represented approximately 47% of subscription revenue. 


$ADBE Adobe, $CRM Salesforce, $XM Qualtrics, $MDLA Medallia, $HUBS Hubspot, $SVMK Survey Monkey, $SPT Sprout Social are all competitors, since they are both in the social media software space and the customer experience management space.


$CXM Revenue of $324.3M (2020) and $386.9M (2021) +19%, YoY and revenue of $93.0M and $111.0M in the three months ended April 30, 2020 and 2021, respectively +19% YoY.

$CXM Net loss was $39.1M (2020) , $41.2M (2021) and $11.2M and $14.7 M during three months ended April 30, 2020 and 2021.

$CXM Operating loss was $34.9M (2020) $28.8M (2021) and $7.9M and $10.7M during three months ended April 30, 2020 and 2021.


$CXM revenue puts it in the top quartile of SaaS companies and growth in the bottom quartile. Sprinklr has not provided any of the SaaS metrics of customer retention or DBNER in its filing. Assuming a $4B valuation (likely) and $386M in last year’s revenue the valuation of 10.36 looks interesting but growth of 19% is not very appealing.

Valuation for Sprinklr compared to peers


The biggest risk with Sprinklr will be the lack of visibility into key operational metrics (which I think will be shared quarterly) and the competitive market for Customer experience management. Qualtrics $XM is the category leader and it is much bigger than Sprinklr, which means an acquisition is likely.


$CXM is an easy pass for me until they show faster growth. Given that $XM Qualtrics is the segment leader, I will prefer to watch this from the sidelines.