MOUNTAIN VIEW, CA – April 17, 2013 –
Gainsight, formerly known as JBara Software, the leading Customer Success Management solution, today announced a $9 million Series A funding round led by Battery Ventures. Delivering the first and only complete Customer Success Management platform and leveraging Big Data predictive analytics technology, the company will use the funds to accelerate product development and drive its aggressive go-to-market strategy. Gainsight is also announcing the appointment of Nick Mehta as chief executive officer. Mehta was previously CEO at LiveOffice where he led the company’s profitable growth and successful sale to Symantec in 2012. Gainsight founder Jim Eberlin will be dedicated full time to the company’s product strategy and sales development as newly named president. Companies such as Marketo, Jive, Eloqua and other B2B leaders use Gainsight to reduce churn, increase up-sell and drive customer success.
“Recurring revenue business models have permeated most industries and companies are realizing that customer retention is just as strategic as customer acquisition. Gainsight, with its innovative technology, is helping businesses navigate this transition and maximize revenue from existing customers,” said Roger Lee, general partner at Battery Ventures. “We are confident that under Nick’s experienced leadership Gainsight will define the growing Customer Success Management category.”
Over the past decade, companies have leveraged data, analytics and automation to accelerate customer acquisition efforts from marketing through sales. As companies today are increasingly being paid over time versus up front, customer retention represents a huge revenue opportunity. However, siloed data sets, error-prone guesswork and manual workflows prevent companies from understanding their customers and driving aligned customer retention efforts.
Gainsight enables businesses to proactively manage retention, reduce unexpected churn and identify up-sell opportunities by leveraging Big Data analytics across sales data, usage logs, support tickets, surveys and other sources of customer intelligence. For example, customer success and account management teams can track product adoption and usage and get early warnings about churn risk; sales teams can identify up-sell and reference opportunities and forecast renewals; and executive teams can track and analyze churn.
“Data is transforming industries and business processes around the world. Yet many companies today still don’t leverage data to understand their existing customers after they come on board,” said Nick Mehta, CEO at Gainsight. “Companies, from healthcare to financial services to retail, are moving to a model where financial success depends on customer success. Gainsight’s mission is to help businesses of all sizes reduce customer churn, drive up-sell and maximize customer satisfaction by using Big Data analytics to power insight and action.”
For more information about Gainsight’s products, see the company’s separate announcement today here.
Gainsight, the first and only complete Customer Success Management solution, helps businesses reduce churn, increase up-sell and drive customer success. The company’s SaaS suite integrates with Salesforce and uses Big Data analytics to evaluate sales data, usage logs, support tickets, surveys and other sources of customer intelligence. In this way, Gainsight provides a 360° view of customers and drives retention across customer success, sales, marketing, executive and product management. Learn how leading companies like Marketo, Jive Software, Informatica and Eloqua are using Gainsight to help their customers succeed at www.gainsight.com.
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Bhava Communications for Gainsight