Sprinklr plans to go public by second quarter 2015, a source close to the situation told Adweek.
The New York City-based company this week announced a $40 million fundraising round led by Iconiq Capital, a wealth management firm with a long list of high-profile clients. Sprinklr, which develops social media infrastructure for brands like Verizon, Wynn Resorts and American Express, has doubled in value since it raised $17.5 million in October. At that time, it was valued at nearly $250 million, but now it has raised money at more than a $500 million valuation, a source told Adweek.
VentureBeat once called Sprinklr: "The biggest social media management biz you've never heard of." Since its founding in 2009, it has quietly amassed a stable of large customers, and gone after entrenched rivals like Adobe, Oracle and Salesforce. Intel was an early backer.
"The integration story is key, and large brands are becoming Sprinklr clients because the big boys have not not delivered," one source said.
Sprinklr builds the connective tissue within corporations to apply social media tools throughout their businesses. Companies, across their departments, use it to manage their social channels from YouTube to Twitter to Facebook to LinkedIn.
So, for instance, if a customer relations team is working on a Twitter crisis, the marketing and public relations departments can be on the same page. Sprinklr bought Dachis Group in February to introduce analytics and data to its social media tools kit.
The company also launched an expansion of its platform this week that lets clients track the paid portion of their social media campaigns alongside their unpaid activities.
Iconiq, the latest investor, manages money for some of the biggest individuals in Silicon Valley, including Facebook's Mark Zuckerberg and Sheryl Sandberg, according to a report from CNNMoney.