Zendesk, a prominent provider of SaaS products has reportedly signed an agreement to take over Momentive as well as its renowned SurveyMonkey platform.
For the uninitiated, Momentive (formerly SurveyMonkey) was launched in 1999 and offers cloud-based software for supporting service solutions across brand and market insights. These solutions also support online survey development; product, employee, and customer experiences; and a portfolio of paid backend programs.
As a part of Zendesk’s vision for this new acquisition, it stated that the combined platforms will gather critical information about customer needs, experiences, and expectations. This will help companies bring customers into focus by combining transactional data with market insights.
The CEO of Zendesk, Mikkel Svane believes that this transaction will allow the former’s customers to develop more meaningful relationships by providing to co-develop and cross-sell existing and future products. This deal will potentially drive Zendesk’s revenue for 2024 to USD 3.5 billion, he added.
Svane further stated that Zendesk is excited to collaborate with Momentive and is looking forward to creating a powerful customer intelligence company with the latter’s market research and insights products.
Speaking on this new move, Momentive CEO Zander Lurie stated that the company seeks to combine with Zendesk to advance its mission and accelerate its long-term growth strategy. He also stated that synergies between both the firms are compelling and proximate. The company is uniquely positioned to bring customer intelligence into reality while delivering substantial value to its shareholders, Lurie added.
The company noted that the Momentive deal, which is expected to conclude in the first half of 2022, will be reviewed by the regulators in addition to the stakeholders of Zendesk and Momentive.
The boards of directors of both the companies have approved the deal, which will supposedly allow Zendesk shareholders to gain around 78% shares of the combined company and Momentive stockholders to obtain 22% stocks.
Source credits: https://venturebeat.com/2021/10/28/zendesk-acquires-momentive-to-boost-its-customer-analytics-offerings/