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SVMK prices IPO
Posted on Thursday, 13 September 2018 11:05
SVMK, the US online survey services provider known as SurveyMonkey, is aiming to raise as much as USD 170.78 million in its initial public offering on Nasdaq.
The Californian cloud-based software-as-a-service company priced the sale of 13.50 million shares and the 2.03 million overallotment option at between USD 9.00 and USD 11.00 apiece.
Existing stockholder Salesforce Ventures is subscribing for USD 40.00 million-worth of securities in a private placement.
Proceeds will be used to repay debt under existing credit facilities, with the remainder for working capital and other general corporate purposes, as well as the acquisition of, or investment in, products, technologies or businesses.
SVMK’s platform helps individuals and organisations design and distribute surveys that generate an average of over 20.00 million answered questions daily across more than 190 countries and territories.
Every day the group’s software is used to collect and analyse feedback for a broad range of use cases, such as collecting data from customers, measuring employee engagement or conducting market research.
Its proprietary, artificial intelligence-based survey creation assistant uses insights extracted from its massive information set to guide and improve the creation of polls.
SVMK has attracted an aggregate of over 60 million registered users to its survey platform since being founded in 1999 – of which over 16.00 million were active within the past year.
The group has 600,000-plus paying customers across more than 300,000 organisational domains, including paying clients in 98.0 per cent of the Fortune 500.
It generated revenue of USD 121.19 million in the six months ended 30th June 2018 (H1 2017: USD 106.45 million) and USD 218.77 million in FY 2017 (FY 2016: USD 207.30 million).
SVMK widened net loss to USD 27.18 million in H1 2018 from USD 19.10 million in H1 2017, and narrowed losses to USD 24.01 million in FY 2017 from USD 76.35 million in FY 2016.
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