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SurveyMonkey

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SVMK Inc.
Type of businessPublic
Available inDansk, Deutsch, English, Español, Français, 한국어, Italiano, Nederlands, 日本語, Norsk, Português, Русский, Suomi, Svenska, 中文(繁體), Türkçe
Traded asNasdaq: SVMK
Founded1999 (1999)[1]
HeadquartersOne Curiosity Way,
San Mateo, CA 94403
United States[2]
No. of locationsSan Mateo, Portland, Seattle, Dublin, Ottawa, London, Sydney[3]
Area servedWorldwide
Founder(s)Ryan Finley, Chris Finley
CEOZander Lurie, CEO[4]
IndustrySAAS / Online survey services
ProductsCloud-based survey software
Revenue$233.5mm (LTM 6/30/18)
URLsurveymonkey.com
Registrationrequired for creating a survey
Users25,000,000
Written in.NET, Python

SurveyMonkey is an online survey[7] development cloud-based software as a service company. It was founded in 1999 by Ryan Finley and Chris Finley. The company provides free, customizable surveys, as well as a suite of paid back-end programs that include data analysis, sample selection, bias elimination, and data representation tools.[8] In addition to providing free and paid plans for individual users, SurveyMonkey also offers more large-scale enterprise options for companies interested in data analysis, brand management, customer / employee feedback, and consumer-focused marketing.[9]. SurveyMonkey has over 600,000 users in 190+ countries.[10]

The company was named to the Forbes Unicorn List of startup companies in 2015.[11][12] In 2016, SurveyMonkey was ranked #6 on the Forbes Cloud 100 list.[13]

The company went public in September 2018.[14]


History

Founding

The company was majority-owned by Ryan and Chris Finley until 2009 when Spectrum Equity and Bain Capital acquired a majority interest in the company. [15].

Dave Goldberg joined SurveyMonkey in 2009. He is credited with growing it from a 12-person Silicon Valley startup to a 550-person enterprise. He was its CEO until he died suddenly on May 1, 2015, while on vacation abroad with his wife, Facebook executive Sheryl Sandberg.[16]

Starting August 3, 2015, Bill Veghte replaced Goldberg as SurveyMonkey CEO. Veghte held top posts at HP and Microsoft, and attended Harvard with Goldberg. He credits Goldberg as a mentor.[17] Veghte held the role for less than six months, due to strategic differences with investors, primarily on where to allocate talent and resources.[18] Veghte was replaced by Zander Lurie in January 2016.

Expansion

In 2010, the company received US$100 million in debt financing from Bank of America Merrill Lynch and SunTrust Robinson Humphrey.[19]

In 2012, the company launched a self-serve analytics platform called Audience, allowing customers to send their survey to a select group of respondents.

In 2013, the company raised $800 million in debt and equity valuing the company at $1.35 billion.[20]

As of 2013, SurveyMonkey had 15 million users.[1]

In September 2013, the company announced HIPAA-compliant features for premium subscription holders.[21] In November 2013, the company announced a new enterprise product with additional management capabilities.[22]

In 2014, the company raised $250 million in equity financing from Google Capital (now CapitalG), Tiger Global Management, Baillie Gifford, T. Rowe Price and Morgan Stanley.[23]

In April 2015, the company announced a new data platform called Benchmarks. This allows users to compare their survey results against competitors.[24]

In 2017, the company rolled out “SurveyMonkey Genius” which estimates survey performance and makes actionable suggestions to increase survey effectiveness. [25]

In August 2017, the company launched “SurveyMonkey CX” which assists organizations in managing their customer experience programs. [26]

On September 26, 2018, SurveyMonkey (SVMK) made its debut on the NASDAQ Exchange. [27] The stock launched at $12 per share and rose 43% on the first day of trading.[28]

Acquisitions

The company has acquired three other survey tools, Precision Polling, Wufoo, and Zoomerang, as well as a 49.9 percent stake in the UK-based Clicktools.[29] In August 2014, SurveyMonkey acquired Canadian company Fluidware, the creator of FluidSurveys.com and FluidReview.com.[30] In August, 2015, SurveyMonkey acquired TechValidate [31], a marketing content automation company.[32]

Corporate

SurveyMonkey Headquarters in San Mateo, CA

There are offices in San Mateo, California; Portland, Oregon; Seattle, Washington; Dublin, Ireland; Ottawa, Ontario; and Sydney, Australia.[2]

SurveyMonkey's board of directors includes Finley, former Facebook CFO David Ebersman, former Verisign CFO Dana L. Evan, Zander Lurie, Facebook COO Sheryl Sandberg, tennis star Serena Williams, Spectrum Equity Managing Director Benjamin Spero, former Yahoo CFO Susan Decker, Intuit President / CEO Brad D. Smith, and current dean of Emory University's Goizueta Business School Erika James [33]. Lurie was named chairman of the board in July 2015.[34][35] [36]

The company runs on a freemium[37] business model.

See also

References

  1. ^ a b Scott, Martin (27 August 2012). "Customer research easier in digital era". USA Today. Retrieved 20 February 2013.
  2. ^ a b "Contact SurveyMonkey". SurveyMonkey. Retrieved 2014-05-07.
  3. ^ "SurveyMonkey Office Locations". Retrieved 24 July 2016.
  4. ^ "Lurie Departs GoPro to Take CEO Job at SurveyMonkey". Recode. Retrieved 2016-01-13.
  5. ^ "Surveymonkey.com Site Info". Alexa Internet. Retrieved 2017-04-26.
  6. ^ "SurveyMonkey: Free online survey software & questionnaire tool". Retrieved 24 July 2016.
  7. ^ "How to Use Online Tools for Customer Surveys". Inc. 30 July 2010. Retrieved 20 February 2013.
  8. ^ "SurveyMonkey "How it works"". SurveyMonkey. Retrieved 27 May 2014.
  9. ^ "SurveyMonkey "Enterprise"". SurveyMonkey. Retrieved 27 May 2014.
  10. ^ "Letter To Shareholders, Q3 2018". SurveyMonkey. Retrieved January 15, 2019.
  11. ^ Konrad, Alex. "Spurning IPO, SurveyMonkey Now Allows You To Compare Data With Rivals". Retrieved 24 July 2016.
  12. ^ "SurveyMonkey Cuts 100 Jobs To Refocus Its Service for Businesses". Fortune. Retrieved 2018-03-20.
  13. ^ "Forbes Cloud 100". Forbes. Retrieved 29 October 2016.
  14. ^ Waters, Richard (26 September 2018). "SurveyMonkey shares jump by 60% after Wall Street IPO". Retrieved 28 September 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  15. ^ "SurveyMonkey Receives Investment From Spectrum Equity". Spectrum Equity. Retrieved January 15, 2019.
  16. ^ King, Hope (May 2, 2015). "Dave Goldberg, husband of Facebook exec Sheryl Sandberg, dies suddenly". CNN Money. Retrieved May 2, 2015.
  17. ^ Zhang, Maggie (July 7, 2015). "HP's Bill Veghte Joins SurveyMonkey As New CEO". Forbes Tech. Retrieved October 7, 2017.
  18. ^ "Veghte out and Lurie in as SurveyMonkey CEO". ResearchLive. 15 January 2016. Retrieved October 7, 2017.
  19. ^ Lynley, Matthew (November 3, 2010). "SurveyMonkey bucks the trend, picks up $100M in debt financing". Venturebeat.com.
  20. ^ Lashinsky, Adam (2013-01-17). "Why SurveyMonkey is holding off on an IPO - Fortune Tech". Tech.fortune.cnn.com. Retrieved 2014-03-03.
  21. ^ "SurveyMonkey Protects Patient Privacy with new HIPAA Features". MarketWatch. Retrieved 2014-03-03.
  22. ^ Konrad, Alex (2013-11-18). "SurveyMonkey Jumps Into Enterprise Market With New Product For Businesses". Forbes. Retrieved 2014-03-03.
  23. ^ "SurveyMonkey is worth $2 billion after new $250 million fundraising round". 15 December 2014. Retrieved 24 July 2016.
  24. ^ SurveyMonkey. "SurveyMonkey Launches "Audience" Service for Consumer Insights". Retrieved 24 July 2016.
  25. ^ "SurveyMonkey Announces People Powered Data Platform". DestinationCRM. 17 July 2017. Retrieved 5 February 2019.
  26. ^ "Can SurveyMonkey and Zoho Disrupt Enterprise Software?". CustomerThink. 10 August 2017. Retrieved 5 February 2019.
  27. ^ "SurveyMonkey surges 42% in market debut, ends trading at $17 a share". CNBC. Retrieved December 21, 2018.
  28. ^ "Survey Monkey Pops 43% on IPO". The Street. Retrieved December 21, 2018.
  29. ^ SurveyMonkey Acquires Interest in Clicktools, About Us, SurveyMonkey corporate website, 11 January 2011 Retrieved 27 October 2016
  30. ^ MacMillan, Douglas (2014-08-05). "SurveyMonkey Acquires Smaller Canadian Rival". Retrieved 2014-09-17.
  31. ^ TechValidate
  32. ^ King, Rachel (2015-08-04). "SurveyMonkey bulking up B2B platform with TechValidate acquisition". Retrieved 2019-01-27.
  33. ^ https://www.bizjournals.com/atlanta/news/2018/08/14/surveymonkey-adds-emory-dean-to-board-of-directors.html
  34. ^ "SurveyMonkey - About Us". surveymonkey.com. Retrieved July 6, 2015.
  35. ^ Quentin Hardy (July 6, 2015). "Sheryl Sandberg Joins SurveyMonkey's Board". NY Times.
  36. ^ SurveyMonkey Board of Directors
  37. ^ "SurveyMonkeyFreemium.org". Freemium. 2012-07-12. Archived from the original on 2013-12-03. Retrieved 2014-03-03. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
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