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SurveyMonkey Revenue Rises as CFO Retires

February 14 2019

SurveyMonkey's parent company SVMK has reported a 19% increase in fourth quarter and full-year revenue to $68m and $254m respectively. Meanwhile CFO Tim Maly plans to retire, to pursue his passion for 'climbing, skiing and adventure in the mountains'.

Tim MalySurveyMonkey currently has more than 17.5 million active users, and 647,000 plus paying customers across more than 345,000 organizations - with self-serve revenue making up c.87% of total revenue and enterprise sales revenue around 13%. During the year, headcount grew to 859 employees, a 17 % increase over last year, and last month the firm was rated sixteenth on the 2019 Best Workplaces in Technology ranking. SVMK began trading on the NASDAQ stock market last September, having filed its IPO at the end of August. On the first day of trading, the share price soared 67% to nearly $20, but shares were trading at $14 at the end of yesterday's trading session.

During Q3, GAAP net loss was ($25.2m) and Adjusted EBITDA was $12.6m. For the full year 2019, the firm expects revenue to be in the range of $290m to $295m.

International revenue makes up around 36% of SurveyMonkey's total, and later this year the firm plans to launch a European data center, to improve the user experience, web site speed and provide locally hosted data, while building a new sales team in Europe. CEO Zander Lurie commented: 'Over the next few years we intend to execute on our plan to double our business by investing efficiently in new products, geographies and enterprise sales. The survey software category is a multi-billion-dollar global market and being public has helped us share our vision with current and future customers'.

Maly (pictured), who has served as both CFO and COO since 2009, will continue to serve in his current role until March 31at, and then plans to remain at the company as a non-exec until June 30th, to assist in a search for his successor and support the transition. Lurie added: 'I'd like to thank Tim for his decade of service and wish him well as he embarks on a new chapter in his life. Tim's leadership, business acumen and resilience helped us achieve many critical milestones over the course of his ten year journey here. And we are well positioned for continued success going forward'.

Web site: www.surveymonkey.com .

All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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