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Mindshare Technologies Growth Shows that Customer Feedback is More Valuable Than Ever

Mindshare Technologies raises $20M for tracking customers with surveys

October 4, 2010 — by Dean Takahashi

The article was first posted on VentureBeat.com. The original posting can be seen here.

This article was also reprinted on the New York Times Technology section.


Mindshare Technologies has raised $20 million for its business of tracking customers with online and phone surveys.

Salt Lake City, Utah-based Mindshare will use the money to expand product development for its online surveys. The company issues surveys, collects the responses, analyzes them and provides reports in real-time for company management. The growth shows that customer feedback is more valuable than ever.

Private equity firm Sorenson Capital led the investment, while the PrivateBank and Trust Company contributed an additional credit facility.

Mindshare said it has grown recurring revenues for more than 100 consecutive months. The company says it has a retention rate for its customers of 93 percent. Mindshare completes more than 175,000 surveys each day in 106 countries, 28 languages, and 25 industries. Companies use the surveys to improve operations, foster consumer satisfaction, build customer loyalty, and retain employees. Respondents can use voice and text to supplement their responses to surveys.

The company was founded in 2002. John Sperry, chief executive, and Kurt Williams, chief technology officer, were working at a mystery shopping company and asked themselves, "Why don't we automate all of this manual work?"

Revenue grew 33 percent in 2010 and the company is on pace to grow 40 percent to $19 million in revenues in 2011. Customers include Arby's Hertz, Tony Roma's, Comcast and Marriott. Mindshare has been profitable for six years.

Richard Hanks is chairman and president of Mindshare. Fraser Bullock, managing director at Sorenson Capital, and Ron Mike, co-founder of Sorenson Capital, will join Mindshare's board. Mindshare has 80 employees and competes with Empathica and TellUsAboutUs.



About Mindshare Technologies
Mindshare drives operational improvement. Using Mindshare, companies improve operational excellence, foster consumer satisfaction, build customer loyalty, and support employee retention. Our industry experts guide clients in building comprehensive enterprise feedback management (EFM) solutions. Mindshare's proprietary survey technology captures the voice of the customer in real-time and immediately transforms it into actionable intelligence through powerful and incisive reporting. Mindshare serves more than 25 different industries including travel, hospitality, restaurant, financial, salon, automotive, and retail. For information, visit www.mshare.net.