Capillary Technologies

Capillary Technologies is an international SaaS technology company. Capillary's primary product is its cloud-based customer loyalty/customer engagement and e-commerce platform, Intelligent Loyalty. Capillary also offers loyalty and other marketing consulting services.

Capillary Technologies
TypePrivately Held
Industry
  • Marketing technology
  • Loyalty marketing
FoundedBangalore, India (August 2008 (2008-08)) [1]
Headquarters
Singapore
Number of locations
14 Offices[2]
Area served
Worldwide
Key people
Sameer Garde (CEO)
Pravanjan Choudhury (CTO)
Vikram Bhat (CPO)
ProductsIntelligent Loyalty Platform
Brands
  • Capillary
  • Capillary North America
  • Brierley
RevenueIncrease ₹164.2 crore (US$21 million) (FY22)[3]
Decrease ₹−22.2 crore (US$−2.8 million) (FY22)[3]
Number of employees
400 (2023)[2]
SubsidiariesCapillary Technologies India Private Limited (India); Capillary Solutions FZ-LLC (Dubai); Capillary Technologies Singapore PTE. LTD; Brierley+Partners
Websitecapillarytech.com
brierley.com

Capillary Technologies was founded in Bangalore in 2008. Today, Capillary is headquartered in Singapore and operates in several countries.

History

Capillary Technologies was founded in August 2008 by Aneesh Reddy,[4] Krishna Mehra, and Ajay Modani and initially headquartered in Bangalore, India.[5][1][6] Reddy, Mehra, and Modani were each alumnus at ITC Limited, Microsoft Research, and Danieli, respectively.[1]

In 2013, Capillary Technologies was used as a case study for "reverse innovation" published in Harvard Business Review.[7]

In December 2016, Rajan Anandan, who at the time was Google's Vice President for Southeast Asia and India, joined Capillary's Board of Directors.[8][9]

Co-founder Aneesh Reddy operated as Chief Executive Officer (CEO) of Capillary Technologies until 2022.[10] In September 2022, Capillary Technologies announced that Sameer Garde would take over as the company's CEO and Reddy would transition to managing director.[11]

Expansion

Capillary Technologies operated primarily in India and in new or emerging markets in less-developed countries. In 2011, Capillary began looking toward established markets in more developed nations.[7]

International growth

The company began expanding operations into China in July 2016[12] and, in September 2019, Capillary partnered with Veda Holding, a Saudi investment holding company, to expand to Saudi Arabia.[13] To operate in the country, Capillary formed a Saudi-specific entity called Capillary Arabia.[13][14][15]

United States and Europe

Capillary Technologies began expanding into the U.S. and European markets in 2021. That same year, Capillary acquired Persuade, a U.S. loyalty platform provider. In March 2023, Capillary Technologies and Texas-based Sabre Corporation announced they had signed an agreement to integrate the Capillary loyalty management solution into its airline and hotel platforms.[16][17]

This announcement was followed by multiple acquisitions. In April 2023, Capillary acquired Brierley+Partners, a U.S. loyalty agency and loyalty program platform provider,[18][19][20][21][22][23] and in June 2023, Capillary announced it had acquired the Digital Connect technology assets of Tenerity, a US-based engagement and rewards platform provider.[24][25][26][27][28]

In May 2023, following Capillary's acquisition of Brierley and shortly before the acquisition of Tenerity's Digital Connect assets, Capillary Technologies raised an additional $45 million in funds.[29] According to Capillary, this new round of funding will primarily help Capillary's plans to grow and expand further in North America and Europe.[30][31][32]

Funding

Capillary Technologies has raised multiple rounds of funding from investors since its inception.

  • 2009: Capillary received $100,000 from the QPrize Business Plan Competition by Qualcomm.[33]
  • Sep 2012: Capillary raised $15.5 million from Sequoia Capital, Norwest Venture Partners & Qualcomm.[34][35][36][37]
  • Feb 2014: Capillary received $4 million from American Express in February 2014.[38][39]
  • Sep 2015: Capillary raised $45 million from Warburg Pincus, Sequoia Capital, and Norwest Venture Partners.[40]
  • Feb 2018: Capillary announced it raised $20 million in several tranches in 2017 and 2018 from existing investors Warburg Pincus and Sequoia Capital.[41]
  • Dec 2021: Capillary Technologies India filed draft papers to raise Rs 850 crore (approximately $103.1 million) through public issue.[42][43]
  • May 2023: Capillary raised $45 million from Avataar Ventures along with its limited partners (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital.[31][32][44][45]

Acquisitions

Capillary acquired the e-commerce software platform MartJack in September 2015, supported by a $45 million funding led by Warburg Pincus.[46][47][48][49][50][51]

In October 2016, Capillary then acquired SellerWorx, another e-commerce services and technology company.[52]

In September 2021, Capillary Technologies acquired Persuade, a US-based loyalty firm.[53]

In April 2023, Capillary acquired Brierley+Partners (known generally as Brierley), a loyalty agency and platform provider based in Frisco, Texas.[18][19][20][21][22][23] Then, in June 2023, Capillary acquired the technology assets of Tenerity, a US-based rewards and engagement platform provider.[24][25][26]

Intelligent Loyalty Platform

Capillary Technologies' primary product is its cloud-based SaaS platform Intelligent Loyalty.[54] The Intelligent Loyalty platform includes the following modules with features for loyalty programs, customer engagement, data analytics, etc.:

  • Loyalty+
  • Insights+
  • Engage+
  • CDP+ (Consumer Data Platform)
  • Rewards+[24][25]

Product development

As of 2020, Capillary Technologies used GitHub as the core for the end-to-end CI/CD architecture of the company's platform.[55]

AskAira

In 2023, Capillary launched AskAira, an AI-powered research assistant, as part of its loyalty platform. AskAira utilizes OpenAI's generative AI language models.[56][57]

References
  1. "How Capillary Technologies turned Lehman Brothers collapse into a boom - The Economic Times".
  2. "About Us,Our journey enabling consumer brands". www.capillarytech.com. Retrieved 19 July 2018.
  3. Rudra, Tapanjana (27 February 2023). "IPO-Bound Capillary Technologies Slips In The Red In FY22, Posts Loss Of INR 22.2 Cr". Inc42 Media. Retrieved 9 July 2023.
  4. "Aneesh Reddy - India's Young & Brightest Entrepreneurs in 40 Under 40 2015 - Fortune India". www.fortuneindia.com. Retrieved 9 June 2023.
  5. "Capillary Technologies Pvt Ltd.: Private Company Information - Bloomberg". Bloomberg News.
  6. "The IIT that has given birth to a number of successful start-ups | Business Standard News".
  7. Govindarajan, Vijay; Deshpande, Sachin (20 June 2013). "Reverse Innovation in Tech Startups: The Story of Capillary Technologies". Harvard Business Review. Retrieved 8 December 2016.
  8. "Capillary Technologies appoints Rajan Anandan as newest board member | ANI News". Archived from the original on 2 February 2017.
  9. "Rajan Anandan joins the board at Capillary - The Economic Times".
  10. "The boss who was a bully – and how he transformed himself". The Times of India. ISSN 0971-8257. Retrieved 9 June 2023.
  11. "Capillary Tech names Sameer Garde as CEO, cofounder Aneesh Reddy to serve as vice chairman". Moneycontrol. 28 September 2022. Retrieved 9 June 2023.
  12. "Asia's leading omni-channel CRM provider Capillary Technologies expands in China market".
  13. "Capillary Technologies eyes Saudi market". Arab News. 23 September 2019. Retrieved 9 June 2023.
  14. "Capillary Technologies signs JV with Saudi-Based Veda Holding". The Economic Times.
  15. "Capillary Technologies: A SaaS leader rises from Bengaluru". The Financial Express. 30 September 2019.
  16. "Sabre (SABR) Inks an Agreement With Capillary Technologies". Yahoo Finance. 23 March 2023. Retrieved 9 June 2023.
  17. Sabre Corporation. "Sabre announces agreement with Capillary Technologies to help airlines and hoteliers delight travelers through next-generation customer loyalty programs". www.prnewswire.com. Retrieved 9 June 2023.
  18. Murray, Lance (5 April 2023). "Dallas' Brierley+Partners Acquired by India-Based Customer Loyalty, Engagement Platform". Dallas Innovates. Retrieved 9 June 2023.
  19. Dhond, Ila (6 April 2023). "US-based Brierley+Partners acquired by SaaS platform Capillary Tech". Incubees. Retrieved 9 June 2023.
  20. Vardhan, Gyan (4 April 2023). "Capillary Tech acquires US-based Brierley+Partners". Entrackr. Retrieved 9 June 2023.
  21. "Capillary's fifth buy is US firm Brierley from Nomura". The Economic Times. 4 April 2023. ISSN 0013-0389. Retrieved 9 June 2023.
  22. "Capillary Technologies acquires Brierley; gains momentum to become the best loyalty solutions provider globally". CapillaryTech. 4 April 2023. Retrieved 10 June 2023.
  23. "New Era in Loyalty: Brierley Joins Capillary Technologies!". www.brierley.com. 13 April 2023. Retrieved 10 June 2023.
  24. Jose, Teena (8 June 2023). "Capillary Acquires Tenerity's Digital Connect Assets". Entrepreneur. Retrieved 9 June 2023.
  25. "Capillary Technologies makes third US acquisition, takes over Tenerity's Digital Connect assets". The Economic Times. 8 June 2023. ISSN 0013-0389. Retrieved 9 June 2023.
  26. "Capillary Acquires Digital Connect Assets from Tenerity". loyalty360.org. Retrieved 9 June 2023.
  27. "Warburg Pincus-backed Capillary Technologies makes third bet". VCCircle. Retrieved 9 June 2023.
  28. Rudra, Tapanjana (8 June 2023). "Capillary Acquires Tenerity's Digital Connect To Strengthen Foothold In US, Europe". Inc42 Media. Retrieved 9 June 2023.
  29. "Daily Research News Online no. 35124 - Loyalty Platform Capillary Raises $45m Expansion Fund". www.mrweb.com. Retrieved 9 June 2023.
  30. Singh, Jagmeet (1 June 2023). "Indian SaaS startup Capillary Technologies grabs $45M to expand globally". TechCrunch. Retrieved 9 June 2023.
  31. Bhalla, Tarush (2 June 2023). "Capillary Technologies raises $45 million to fuel acquisitions and expansion". The Economic Times. ISSN 0013-0389. Retrieved 9 June 2023.
  32. Staff, TechNode Global (2 June 2023). "India's Capillary Technologies raises $45M Series D funding from Avataar Ventures and its LPs". TechNode Global. Retrieved 9 June 2023.
  33. "Qualcomm Ventures Announces Eight Shortlist Winners for QPrize Business Plan Competition | Qualcomm". Qualcomm. 2 September 2009. Retrieved 7 December 2016.
  34. "Capillary Technologies • Norwest Venture Partners". www.nvp.com. Retrieved 7 December 2016.
  35. "Portfolio | Qualcomm Ventures". www.qualcommventures.com. Retrieved 7 December 2016.
  36. Perez, Sarah. "Social CRM Company Capillary Technologies Raises $15.5M From Sequoia, Norwest & Qualcomm". TechCrunch. Retrieved 7 December 2016.
  37. "Capillary Technologies". Peak XV. Retrieved 12 June 2023.
  38. Mishra, Pankaj. "With $4M In Fresh Funding From Amex Ventures, Capillary Wants to be Salesforce Of Social CRM". TechCrunch. Retrieved 7 December 2016.
  39. "Archived: Start Singapore". The Straits Times. Archived from the original on 30 December 2016.
  40. "Capillary Technologies raises $45 million from Warburg Pincus & others - The Economic Times". The Economic Times. Retrieved 7 December 2016.
  41. Anand, J. (21 February 2018). "Warburg Pincus, Sequoia invest more in SaaS firm Capillary". VCCircle. Retrieved 10 June 2023.
  42. "Capillary Technologies India files draft papers to raise Rs 850 crore through public issue". Moneycontrol. 26 December 2021. Retrieved 9 June 2023.
  43. "Capillary Technologies files draft papers to raise Rs 850 cr via IPO". www.business-standard.com. 27 December 2021. Retrieved 10 June 2023.
  44. "Capillary raises $45 million from Avataar Ventures and its LPs". MarTech Series. 1 June 2023. Retrieved 9 June 2023.
  45. FinSMEs (2 June 2023). "Capillary Raises $45M in Funding". FinSMEs. Retrieved 9 June 2023.
  46. Shu, Catherine. "Social CRM Provider Capillary Technologies Raises $45M, Acquires MartJack". TechCrunch. Retrieved 7 December 2016.
  47. "Capillary takes over ecommerce platform - Times of India". The Times of India. Retrieved 7 December 2016.
  48. Capillary Technologies. "Capillary Technologies Acquires MartJack and Raises $45 Million Investment Round led by Warburg Pincus". www.prnewswire.com. Retrieved 12 June 2023.
  49. "Capillary Technologies Gets $45M Series C Injection, Acquires MartJack". Wall Street Journal. 3 September 2015. ISSN 0099-9660. Retrieved 12 June 2023.
  50. Prakash, Rajiv (2 September 2015). "The MartJack Acquisition - Why is it a big deal for Indian Enterprise Software?". LinkedIn.com. Retrieved 12 June 2023.
  51. "Capillary Technologies Acquires MartJack and Raises $45 Million Investment Round Led by Warburg Pincus". India Technology News. 3 November 2015. Retrieved 12 June 2023.
  52. Ganguly, Payal (4 October 2016). "Capillary Technologies acquires Sellerworx". The Economic Times. Retrieved 7 December 2016.
  53. "Capillary Technologies Ramps up Loyalty Game with Acquisition of Persuade". www.businesswire.com. 7 September 2021. Retrieved 10 June 2023.
  54. "Customer Loyalty Program Solution | Capillary". CapillaryTech. Retrieved 12 June 2023.
  55. "How Capillary Technologies uses GitHub". GitHub. Retrieved 9 June 2023.
  56. Staff, Wise Marketer (15 May 2023). "Capillary Launches AskAira, an AI-Powered Research Assistant for Loyalty Marketers". The Wise Marketer. Retrieved 9 June 2023.
  57. Writer, MTS Staff (10 May 2023). "Capillary launches AskAira, an AI-powered research assistant". MarTech Series. Retrieved 9 June 2023.
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