IPO for Experience Management Firm Medallia
Silicon Valley customer experience feedback specialist Medallia has filed for an IPO, seeking flexibility, working capital and options for acquisitions and investments.
Medallia's Experience Cloud platform captures customer feedback 'everywhere the customer is' - on the phone, in store, online and mobile; uses proprietary AI technology to help users understand the feedback in real-time; and prompts action. The firm says the platform 'spans and integrates all four areas of experience management', which it defines as 'Customer Experience, or CX, Business Experience, or BX, Employee Experience, or EX, and Product Experience, or PX'.
This focus puts it in competition with XM success story Qualtrics, which was acquired in January by business software giant SAP for $US 8bn in cash.
The Medallia IPO Prospectus promotes the scalability of the platform, which it says has performed 8 trillion calculations in a single day; and the high level of engagement of users. More than half of the firm's 565+ customers around the world have more than 1,000 employees using the platform, which it believes is 'significantly higher adoption than many other experience management solutions available in the market'; and half of its mobile monthly active users, or MAUs, using its mobile applications on a daily basis as of May 31st.
Ten months ago Medallia brought in former CallidusCloud President and CEO Leslie Stretch as its new Chief Exec, replacing co-founder Borge Hald who moved to the new roles of Executive Chairman and Chief Strategy Officer. The firm made a net loss of $82.2m on $313.6m in revenue for the year ending January 31st 2019, but has slashed the deficit to $2.6m in the three months to end April 2019. The prospectus says Medallia 'estimates the total addressable market for our Experience Management platform, including our products for CX, BX, EX and PX, to be approximately $68 billion in 2019'.
Web address: www.medallia.com .