Even today, SurveyMonkey cross-sells a number of products that came from these acquisitions.
Their first acquisition in 2010 was Precision Polling which was, according to TechCrunch, “like SurveyMonkey for phones.” Just a few months after this comparison was published, SurveyMonkey took the hint, acquiring Precision Polling to expand their surveys from online to phone.
In 2011, they acquired WuFoo for $35M, expanding their product line with this easy-to-use solution for building online forms. And they acquired rival MarketTools, through a partnership with a private equity firm. This acquisition yielded them three new products, 1.7M survey users, 2.4M panel respondents, and some big name enterprise customers.
SurveyMonkey continued their push into the enterprise market in 2014 with the acquisition of Fluidware, a competitor from Canada, with deep-dive features that appeal to businesses.
And in 2015, SurveyMonkey expanded into app insights with the acquisition of Renzu, and took additional steps to expand their solution with the acquisition of TechValidate, an automated content-generation platform, intended to “help every customer now get more from their survey results,” according to SurveyMonkey’s then CEO, Bill Veghte.
All of this acquisition and growth was a prelude to the brass ring for any startup: their IPO in September 2018. SurveyMonkey’s initial public offering was priced above the expected range, giving them a market cap of $1.46 billion. Average revenue per user keeps climbing (as of their February 2020 earnings, average revenue was up 10% from the previous year). And the acquisitions keep coming: In March 2019, SurveyMonkey acquired Usabilla, an Amsterdam-based website and app survey company and in August 2019, SurveyMonkey acquired GetFeedback, a San Francisco-based customer experience management company.