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Tuesday, June 15, 2021

Software provider Sprinklr reveals 19% jump in revenue in IPO filing

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Software startup Sprinklr made public its plans for a stock market listing in the United States, revealing a 19.3% rise in annual revenue.

Sprinklr, which counts Microsoft Corp and McDonald’s Corp as customers, provides software that helps its clients with marketing, advertising and customer engagement.

The company reported total revenue of about $386.9 million in the year ended Jan. 31, while its annual net attributable loss widened to $41.2 million from $39.1 million.

Total revenue for the three months ended April 30 rose 19.3% to about $111 million.

Sprinklr began in 2009 in a spare bedroom in founder and Chief Executive Officer Ragy Thomas’s house in New Jersey. The company now has over 2,000 employees globally, according to its website.

It was valued at $2.7 billion after raising $200 million from private equity firm Hellman & Friedman in September last year. Sprinklr also counts Singapore-based investment firm Temasek, Battery Ventures and ICONIQ Capital among its backers.

Sprinklr confidentially submitted paperwork for its IPO in March, with the company’s plans coming at a time when the U.S. IPO market is going through an unprecedented bull run, led mainly by technology stocks which have seen high investor demand.

Coinbase Global Inc, Roblox Corp, Affirm Holdings Inc and Coupang Inc all popped in their market debuts this year.

Morgan Stanley, J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities are among the lead underwriters for Sprinklr’s IPO. The company said it will apply to list its shares on the New York Stock Exchange under the ticker symbol “CXM”.

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