Leanplum acquired by Clevertap as retention marketing platforms consolidate

CleverTap, a retention marketing platform which has raised $76.6M to date, is to fully acquire Leanplum, a customer engagement platform which has raised $131.2M. The news was reported by The Recursive.

The price and terms of the acquisition are not disclosed. The deal is funded by internal accrual and is expected to close in the second quarter of 2022.

The most recent Series D investors in Leanplum were LAUNCHub Ventures, Shasta Venture, and Kleiner Perkins.

With this acquisition, CleverTap will have development centers and customer-facing teams in North America, Europe, Latin America, India, South East Asia and the Middle East. The company now has 1200 customers.

Users today demand to be treated as individuals, and this has forced brands to change how they engage with them. CleverTap and Leanplum are built for a mobile-centered world.

The vision of Leanplum was to meet customers' real-time needs at the cutting edge of technology. It makes sense to join forces with CleverTap.

CleverTap and Leanplum are well known in the retention marketing space, but also compete with marketing automation software, which is a crowded category.

The acquisition is a sign that the market is consolidated.