Latest news with #SeriesD
Mint
3 days ago
- Business
- Mint
CleverTap's Leanplum buyout triggers layoffs, top deck exits three years on
Nearly three years after acquiring US-based Leanplum to power its global expansion, Peak XV Partners-backed software company CleverTap is grappling with integration challenges that have triggered top-level exits, layoffs, and liquidation of the acquired entity, multiple people told Mint. CleverTap confirmed the layoffs, executive exits, and Leanplum's liquidation, but maintained that the restructuring had largely impacted the acquired entity. 'As part of our long-term growth strategy and consolidation efforts, we are liquidating our Bulgaria-based Leanplum entity. This means parting ways with all Sofia (Bulgaria) employees through a fair, legal, and respectful process," a CleverTap spokesperson said in response to Mint's queries. 'These consolidation efforts have no impact on our customers, and they do not affect our employees in any other region." Nearly Leanplum's entire Sofia-based engineering team, a key offshore cost center, was let go. 'There were about 100 Leanplum employees when they joined; 60-70 are gone now," said a person familiar with the matter. 'And another 40-50 people from CleverTap India were laid off too." 'Employees were told everything was stable just days before," said a second person. 'Then the entire team was shut out, citing a 'bad marriage'." Big bet gone sideways CleverTap, a customer engagement software provider, has raised over $182 million so far and was last valued at around $800 million in 2022, when it raised $105 million in Series D funding from CDPQ, IIFL Finance, Peak XV, and others. The company was founded in San Francisco, California by Sunil Thomas, Suresh Kondamudi, and Anand Jain in 2013. In 2022, CleverTap acquired San Francisco-based Leanplum in May 2022 aiming to scale globally with a presence across North America, Europe, Latin America, India, Southeast Asia, and West Asia. But the integration of Leanplum with CleverTap was rocky from the start, said the people mentioned earlier. Product overlaps weren't resolved, sales funnel performance lagged, and Leanplum's existing client base turned out to be a disappointment, they said. 'The so-called existing clients were gone. I don't think anything came out of it," said the first person quoted above. CleverTap said many of Leanplum's customers have migratedto its systems. 'They are seeing strong results. We'll work closely with the remaining customers to complete their upgrade to CleverTap by year-end," CleverTap's spokesperson added. To be sure, recent rapid growth in artificial intelligence and reduced spending by clients has posed challenges for software-as-a-service (SaaS) companies. According to data from Venture Intelligence, while funding for Indian SaaS startups slightly improved to $1.8 billion in 2024 from $1.3 billion in the year prior, it was much lower than the $4.4 billion raised in 2022. Leadership churn and internal strain The Leanplum integration troubles apart, at least four senior executives have exited CleverTap in the past 3-4 months, multiple people said. Leanplum co-founder Momchil Kyurkchiev, who was named CleverTap's chief strategy officer following the acquisition; chief revenue officer Sidharth Pisharoti; chief operating officer and chief customer officer Abhishek Gupta; and vice president of finance and legal Sourabh Arora, among others, have called it quits, according to these people. 'They had hired expensive resources, and business growth couldn't keep up with the kind of salaries and seniority they brought in. The top deck is almost empty. People have either left or are mulling exits," said a third person aware of the development. CleverTap said it has since filled all key leadership roles. 'Leadership transitions, across levels and functions, are a natural part of any high-growth business. All other senior leadership roles have been filled, ensuring seamless continuity in leadership and execution," said the spokesperson. Ranjeet Walunj, who joined CleverTap in 2019 and previously served as senior vice president, was elevated to chief customer officer in April, according to the company's website. Earlier in November, CleverTap's global chief executive Sidharth Malik stepped down citing personal reasons, with cofounder Sunil Thomas returning as CEO. CleverTap's revenue growth has slowed sharply since the Leanplum acquisition—in 2023-24, its revenue rose 6.3% to ₹430.55 crore after growing at 46.3% in FY23. Profit slumped to ₹30.41 crore in FY24 and ₹30.45 crore in FY23 from ₹52.22 crore in FY22. CleverTap is yet to report its financials for FY25.
Hindustan Times
3 days ago
- Entertainment
- Hindustan Times
Coldplay cheating scandal: How CEO Andy Byron and Kristin Cabot's families coped with controversy
What should have been just another fun night at a Coldplay concert in Boston turned into a disaster for Astronomer CEO Andy Byron. The tech executive, 50, was caught on the venue's kiss cam embracing his company's HR chief, Kristin Cabot, 52. The awkward moment, captured on the stadium's giant screen, showed the pair visibly startled, turning away quickly in what looked like a failed attempt to avoid recognition. Andy Byron and Kristin Cabot's kiss cam video at Coldplay concert went viral.(AFP and X) But it was too late. Chris Martin's offhand comment, "Either they're having an affair or they are just very shy," triggered an online storm. Also read: Coldplay fan holds up the funniest sign at Madison concert after Andy Byron fiasco Footage of the interaction exploded across social media. Within days, it went from a concert clip to a corporate scandal. On Saturday, Astronomer - a billion-dollar AI firm-announced Byron had stepped down. 'Our leaders are expected to set the standard. Recently, that standard was not met,' the company wrote on LinkedIn. How CEO Byron and Cobot's families dealt with the cheating scandal According to the Daily Mail, while Byron and Cabot face scrutiny, their families have become the unintentional victims of the very public fallout. Byron's wife, Megan Kerrigan, removed her married name from social media, then deleted her profile altogether. Just days earlier, her Facebook had featured smiling family photos-graduation snapshots and nature hikes. Cabot's husband, Andrew Cabot, runs Privateer Rum and is no stranger to public life himself. However, his silence on the matter spoke volumes. The couple purchased a $2.2 million seaside home in Rye, New Hampshire, just this February. Real estate and marriage records confirm they were still together earlier this year. Images from past family events show Andrew wearing a wedding ring-absent in recent images from the Coldplay concert. Also read: Astrology expert says the Coldplay concert guy got caught because Mercury is in retrograde; everything to know Byron's exit came at Astronomer's peak Byron's downfall came at a time when the Astronomer was reaching new heights. In May, it secured $93 million in Series D funding, with investors like Salesforce and Bain Capital backing the company's growth. Byron took over as CEO in 2023 and has been credited with accelerating the company's expansion, as per Daily Mail. But all that momentum came to a grinding halt after the viral video. Astronomer has named co-founder Pete DeJoy as interim CEO. 'While awareness of our company may have changed overnight,' the company noted, 'our mission remains the same.' Whether trust in leadership can be restored remains to be seen. FAQs Who replaced Andy Byron as CEO of Astronomer? Pete DeJoy, the company's co-founder and Chief Product Officer, was named interim CEO. Was Kristin Cabot married during the kiss cam incident? Yes, property and marriage records indicate she was married at the time. What did Chris Martin say during the Coldplay concert? He joked, "Either they're having an affair or they're just very shy," after seeing them on screen. How did the families react to the scandal? Byron's wife removed her social media presence, while Cabot's marriage details became public. Is Astronomer continuing operations despite the scandal? Yes, the company confirmed its work with clients will proceed as usual.
Time of India
4 days ago
- Business
- Time of India
Astronomer CEO, HR chief put on leave after Coldplay concert scandal
Academy Empower your mind, elevate your skills Data operations platform Astronomer has put its chief executive Andy Byron and chief people officer Kristin Cabot on leave pending an investigation into their alleged affair, Axios an X post on Saturday, the company said cofounder and chief product officer Pete DeJoy is currently serving as interim Astronomer executives were shown kissing and cuddling on the jumbo screen at a Coldplay concert in Massachusetts on Thursday, thrusting them and the company into an uncomfortable spotlight."Astronomer is committed to the values and culture that have guided us since our founding. Our leaders are expected to set the standard in both conduct and accountability. The Board of Directors has initiated a formal investigation into this matter and we will have additional details to share very shortly," the company company further clarified that Alyssa Stoddard—the recently promoted senior director of people at Astronomer—was not at the concert. The footage of Byron and Cabot shows an embarrassed and red-faced woman next to them who was mistakenly identified as has been no official statement from Byron and Cabot on the matter so scandal has taken a hit on Astronomer's corporate reputation. The company's delayed statement has not helped the matter either."Their reputations may be linked, but their interests may diverge. The company needs to address whether any policies were potentially broken or [if] conduct needs to be investigated. Separately, the CEO can choose to address the personal implications and ramifications of what occurred. But don't conflate the two," Andrew Koneschusky, founder and CEO of Beltway Advisors told is a data operations software startup backed by Salesforce Ventures, Insight Partners, Bain Venture Capital and JP Morgan Chase. The company raised funds in a Series D round in May led by Bain Venture Capital. Its product, Astro, helps build data products that offer insights, AI value and power data-driven had joined the company in 2023 and is a member of its board.
Time of India
5 days ago
- Business
- Time of India
astronomer stockholders: Astronomer's future, investor confidence, employee morale, public image, company valuation are in shambles. Here's how CEO Andy Byron scandal may lead to its downfall
Astronomer Denies Viral Apology from CEO Andy Byron Why Investors Are Paying Attention? ADVERTISEMENT Astronomer Public Image and Internal Culture Risk ADVERTISEMENT Astronomer Financial Planning and Market Confidence ADVERTISEMENT Future of Andy Byron and Kristin Cabot FAQs as a viral Coldplay concert video showing Astronomer CEO Andy Byron in an intimate moment with HR chief Kristin Cabot has sparked widespread negative reaction. While Astronomer dismissed the circulating apology as fake, questions are now being raised about how the scandal could affect the company's investors, employees and operational an artificial intelligence firm, stated the apology circulating online in Andy Byron's name is fabricated, as per a New York Post report. The video that triggered the buzz shows Byron and Cabot on the kiss cam during a Coldplay concert. Both individuals were seen quickly separating as their image appeared on the clarified through media outlets that Byron and Cabot have not made any public statements. The firm also confirmed that the company has issued no official response regarding the video or the fake is a private company, not listed on the stock exchange. However, it is valued at about $740 million following a Series D funding round in May 2025, as per reports. The round was led by Bain Capital Ventures, with participation from Salesforce Ventures and other major investors have backed Astronomer because of its role in powering Apache Airflow, a key tool in AI and data pipelines. With over 80,000 organizations using Airflow, investor confidence in Astronomer's management has been strong—until say such personal scandals can affect investor sentiment, even in private firms. If board members or investors believe leadership is compromised, they may push for executive changes or limit future professionals say the scandal has already damaged Astronomer's public image. Employment law experts note that Cabot's role as HR head makes the incident especially serious, since HR must remain employees feel favoritism or compromised leadership exists, internal trust could break down. This affects recruitment, retention and daily operations. Experts suggest this could prompt the board to take corrective action, including changes in roadmap includes scaling its product Astro and expanding internationally. The Series D funding was intended to boost this growth. Scandals of this nature may delay these plans, as the company may be forced to shift resources to internal investigations, legal compliance, or crisis Astronomer is not publicly traded, negative public attention can still impact company valuation and delay future IPO role as CEO may now face internal review. While his job status depends on board decisions, Cabot's position appears at higher risk. Legal experts say it is difficult for HR heads to remain effective when trust is lost across employee company's code of ethics, including workplace relationship policies, will determine official outcomes. In either case, the company's leadership structure may change in response to reputational is a private company, so there is no public stock price. However, investor confidence and valuation could decline if leadership trust say her role is likely compromised due to potential bias, making her continued position as head of HR difficult to maintain.
Business Insider
5 days ago
- Business
- Business Insider
Astronomer board launches investigation after viral Coldplay 'kiss cam' video appears to show CEO embracing HR chief
Tech company Astronomer is launching an investigation after its CEO, Andy Byron, appeared to be filmed embracing the company's head of HR at a Coldplay concert. "The Board of Directors has initiated a formal investigation into this matter and we will have additional details to share very shortly," the company said in a statement on X. It added that "no other employees were in the video" and that reports saying Byron has put out a statement are incorrect. The investigation is the next chapter in a saga that commanded social media's rapt attention. A clip of Byron and Kristin Cabot, Astronomer's head of people, caught in "kiss cam"-style crowd footage at a Coldplay concert went viral on Thursday. The pair appeared horrified to be broadcast on the jumbotron at Gillette Stadium and quickly untwined, prompting Coldplay frontman Chris Martin to speculate that they were "having an affair or they're just very shy." The internet became fascinated with the narrative. Byron's name was the top trending search term on Google on Thursday, and tens of millions have watched the clip. Commentators on X and TikTok joked about the awkward scenario. The company turned off comments on its LinkedIn and X accounts as they became flooded with them. People even placed bets — over $250,000 was traded on Polymarket — on Byron's chances of remaining as CEO. For more than 24 hours, the company and its leadership — the board, active founders, and Byron — stayed quiet about the scandal and did not respond to requests for comment from the media or release a statement. Ry Walker, who served as Astronomer CEO from 2015 to 2022, put out a comment: "Yes, I was co-founder and early CEO - not on the team or board since 2022, and have no information on ColdplayGate," Walker wrote on X. Founded in 2015, Astronomer builds data management and optimization products used by companies like Activision and Marriott. In May, it completed a Series D funding round that valued the company at $775 million, according to PitchBook. Byron came on as CEO in July 2023 after holding C-suite roles at several other software and tech firms. In November 2024, he hired Cabot as the company's head of people.
