US-based CleverTap acquires mobile marketing peer

US-headquartered CleverTap, a mobile marketing and customer retention platform, is set to acquire competitor Leanplum before the end of the second quarter.

Through the acquisition, CleverTap said it plans to combine the products offered by both California-based organizations, bringing the total customer base to over 1,000 from more than 100 countries.

CleverTap leadership team | Photo credit: Precious Communications

Although the amount remained undisclosed, CleverTap confirmed that it has signed agreements to fully acquire Leanplum.

The acquisition will combine the organizations’ platforms and teams to bring behavior analytics and customer engagement tools to digital brands, says Sunil Thomas, CleverTap co-founder and executive chair.

“Our combined strength will be a game-changing force for user engagement, retention, and monetization, creating tremendous value for our customers,” he added.

In February 2020, Leanplum announced that it raised US$27 million in a funding round led by Norwest Venture Partners and Shasta Ventures. It had secured a total of US$125 million in funding by then.

Meanwhile, CleverTap raised US$35 million in a 2019 funding round led by Tiger Global Management and Sequoia India. The company has offices in Mumbai, Singapore, and Dubai.

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