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Survey and engagement software became a $30M business by serving research, customer experience, and HR teams, then buying adjacent products.
up from $20M in 2019 · five acquisitions
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Vivek Bhaskaran founded QuestionPro in 2005 as a bootstrapped survey business. It helps companies research markets, understand customer experience, and collect employee feedback. Host Nathan Latka says the business finished 2022 at $30 million in revenue, up from $20 million in 2019, and had acquired five companies. Bhaskaran describes three buyer groups: market researchers, customer experience teams, and HR leaders. The strategy combines an organic software business with selective acquisitions in adjacent categories. One example was Sweet CX, a journey-mapping company that complemented QuestionPro’s surveys; Bhaskaran said the deal took six to eight months to close and was priced at about 2x revenue, with earn-out provisions that could raise the multiple to 3x. The figures come from a founder interview and the show host, not audited statements. This is a mature-company reference: a focused research product can be copied at a smaller scale, while its acquisition program requires capital, integration skill, and an established sales base.
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Join the Unicorn Club — $5/moCancel anytime, in one clickData credibility: Founder interview hosted by Nathan Latka. The host reports $30M revenue in 2022 and $20M in 2019; Bhaskaran discusses the business and acquisition strategy. These are interview claims, not independently audited figures. The $40M figure is a stated target, not an achieved result.