As customer experience becomes even more front and center for companies in the post-pandemic era, yet another marketing technology startup has gone public—and in the process brought its founder to near billionaire status.
Today, New York-based Sprinklr debuted on the New York Stock Exchange under the ticker symbol “CXM,” with initial shares priced at $16 per share instead of the original range of $18 to $20. The company’s downsized IPO raised $266 million instead of the original target of $380 million. However, by the end of trading, the stock price rose to $17.60 per share.
The idea for Sprinklr came while founder and CEO Ragy Thomas was running the email marketing division of an online DVD sales company in 1999—back when email was a new way to communicate at the dawn of the new millennium. That division then spun off into its own company that as chief technology officer he later helped sell for $120 million to Epsilon in 2005. A few years later, as social media and social media marketing became more prominent, he realized there should be a way to help companies manage their presence on various platforms and founded Sprinklr in 2009.
“This was the ‘Aha’ for us at the inception,” Thomas tells Forbes. “People talk about pivoting, right? We talk about the history of companies and…