Capillary Technologies

Capillary Technologies was founded in August 2008 by Aneesh Reddy,{{Cite web |title=Aneesh Reddy - India's Young & Brightest Entrepreneurs in 40 Under 40 2015 - Fortune India |url=https://www.fortuneindia.com/40under40/aneesh-reddy?year=2015 |access-date=2023-06-09 |website=www.fortuneindia.com |language=en}} Krishna Mehra, and Ajay Modani and initially headquartered in Bangalore, India.{{Cite web |title=Capillary Technologies Pvt Ltd.: Private Company Information - Bloomberg | website=Bloomberg News |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=72429397}}{{Cite news |title=The IIT that has given birth to a number of successful start-ups {{!}} Business Standard News |url=http://www.business-standard.com/article/companies/the-iit-that-has-given-birth-to-a-number-of-successful-start-ups-115101800525_1.html}} Reddy, Mehra, and Modani were each alumnus at ITC Limited, Microsoft Research, and Danieli, respectively.{{Cite news|url=http://articles.economictimes.indiatimes.com/2013-09-14/news/42062488_1_ajay-modani-capillary-technologies-krishna-mehra|archive-url=https://web.archive.org/web/20130916145233/http://articles.economictimes.indiatimes.com/2013-09-14/news/42062488_1_ajay-modani-capillary-technologies-krishna-mehra|url-status=dead|archive-date=16 September 2013|title=How Capillary Technologies turned Lehman Brothers collapse into a boom - The Economic Times}}

In 2013, Capillary Technologies was used as a case study for "reverse innovation" published in Harvard Business Review.{{Cite news|url=https://hbr.org/2013/06/reverse-innovation-in-tech-startups|title=Reverse Innovation in Tech Startups: The Story of Capillary Technologies|date=20 June 2013|last2=Deshpande|first2=Sachin|newspaper=Harvard Business Review|access-date=2016-12-08|first1=Vijay|last1=Govindarajan}}

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.{{Cite news |title=Capillary Technologies appoints Rajan Anandan as newest board member {{!}} ANI News |url=http://www.aninews.in/newsdetail-MA/MjkyMjUw/capillary-technologies-appoints-rajan-anandan-as-newest-board-member.html |url-status=dead |archive-url=https://web.archive.org/web/20170202011657/http://www.aninews.in/newsdetail-MA/MjkyMjUw/capillary-technologies-appoints-rajan-anandan-as-newest-board-member.html |archive-date=2 February 2017}}{{Cite news |title=Rajan Anandan joins the board at Capillary - The Economic Times |url=http://economictimes.indiatimes.com/small-biz/hr-leadership/leadership/rajan-anandan-joins-the-board-at-capillary/articleshow/56095551.cms}}

Co-founder Aneesh Reddy operated as Chief Executive Officer (CEO) of Capillary Technologies until 2022.{{Cite news |title=The boss who was a bully – and how he transformed himself |work=The Times of India |url=https://timesofindia.indiatimes.com/india/the-boss-who-was-a-bully-and-how-he-transformed-himself/articleshow/87868827.cms |access-date=2023-06-09 |issn=0971-8257}} In September 2022, Capillary Technologies announced that Sameer Garde would take over as the company's CEO and Reddy would transition to managing director.{{Cite web |date=2022-09-28 |title=Capillary Tech names Sameer Garde as CEO, cofounder Aneesh Reddy to serve as vice chairman |url=https://www.moneycontrol.com/news/business/announcements/capillary-tech-names-sameer-garde-as-ceo-cofounder-aneesh-reddy-to-serve-as-vice-chairman-9244171.html |access-date=2023-06-09 |website=Moneycontrol |language=en}} Garde resigned as CEO in March 2024 "due to personal reasons," and Reddy returned to the company's role as CEO.{{Cite web |title=Capillary Technologies on LinkedIn: Leadership Update at Capillary Technologies We are writing to share an… |url=https://www.linkedin.com/posts/capillary-technologies_leadership-update-at-capillary-technologies-activity-7176925629257277440-QkIN |access-date=2024-06-03 |website=www.linkedin.com |language=en}}

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.

The company began expanding operations into China in July 2016{{Cite news|url=https://finance.yahoo.com/news/asias-leading-omni-channel-crm-010000205.html|title=Asia's leading omni-channel CRM provider Capillary Technologies expands in China market}} and, in September 2019, Capillary partnered with Veda Holding, a Saudi investment holding company, to expand to Saudi Arabia.{{Cite web |date=2019-09-23 |title=Capillary Technologies eyes Saudi market |url=https://www.arabnews.com/node/1558611/corporate-news |access-date=2023-06-09 |website=Arab News |language=en}} To operate in the country, Capillary formed a Saudi-specific entity called Capillary Arabia.{{cite news |title=Capillary Technologies signs JV with Saudi-Based Veda Holding |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/internet/capillary-technologies-signs-jv-with-saudi-based-veda-holding/articleshow/71206703.cms}}{{cite news |date=30 September 2019 |title=Capillary Technologies: A SaaS leader rises from Bengaluru |work=The Financial Express |url=https://www.financialexpress.com/opinion/capillary-a-saas-leader-rises-from-bengaluru/1721279/}}

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.{{Cite web |date=2023-03-23 |title=Sabre (SABR) Inks an Agreement With Capillary Technologies |url=https://finance.yahoo.com/news/sabre-sabr-inks-agreement-capillary-125212490.html |access-date=2023-06-09 |website=Yahoo Finance |language=en-US}}{{Cite web |last=Sabre Corporation |title=Sabre announces agreement with Capillary Technologies to help airlines and hoteliers delight travelers through next-generation customer loyalty programs |url=https://www.prnewswire.com/news-releases/sabre-announces-agreement-with-capillary-technologies-to-help-airlines-and-hoteliers-delight-travelers-through-next-generation-customer-loyalty-programs-301778559.html |access-date=2023-06-09 |website=www.prnewswire.com |language=en}}

This announcement was followed by multiple acquisitions. In April 2023, Capillary acquired Brierley+Partners, a U.S. loyalty agency and loyalty program platform provider,{{Cite web |last=Murray |first=Lance |date=2023-04-05 |title=Dallas' Brierley+Partners Acquired by India-Based Customer Loyalty, Engagement Platform |url=https://dallasinnovates.com/dallas-brierleypartners-acquired-by-india-based-customer-loyalty-engagement-platform/ |access-date=2023-06-09 |website=Dallas Innovates |language=en-US}}{{Cite web |last=Dhond |first=Ila |date=2023-04-06 |title=US-based Brierley+Partners acquired by SaaS platform Capillary Tech |url=https://incubees.com/us-based-brierleypartners-acquired-by-saas-platform-capillary-tech/ |access-date=2023-06-09 |website=Incubees |language=en-US}}{{Cite web |last=Vardhan |first=Gyan |date=2023-04-04 |title=Capillary Tech acquires US-based Brierley+Partners |url=https://entrackr.com/2023/04/capillary-tech-acquires-us-based-brierleypartners/ |access-date=2023-06-09 |website=Entrackr |language=en-US}}{{Cite news |date=2023-04-04 |title=Capillary's fifth buy is US firm Brierley from Nomura |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/capillary-technologies-makes-fifth-buy-acquires-brierley-from-nomura/articleshow/99232274.cms |access-date=2023-06-09 |issn=0013-0389}}{{Cite web |date=2023-04-04 |title=Capillary Technologies acquires Brierley; gains momentum to become the best loyalty solutions provider globally |url=https://www.capillarytech.com/blog/pressrelease/capillary-acquires-usa-based-brierley-partners/ |access-date=2023-06-10 |website=CapillaryTech |language=en-US}}{{Cite web |date=2023-04-13 |title=New Era in Loyalty: Brierley Joins Capillary Technologies! |url=https://www.brierley.com/blog/brierley-joins-capillary-technologies |access-date=2023-06-10 |website=www.brierley.com}} and in June 2023, Capillary announced it had acquired the Digital Connect technology assets of Tenerity, a US-based engagement and rewards platform provider.{{Cite web |last=Jose |first=Teena |date=2023-06-08 |title=Capillary Acquires Tenerity's Digital Connect Assets |url=https://www.entrepreneur.com/en-in/news-and-trends/capillary-acquires-teneritys-digital-connect-assets/453756 |access-date=2023-06-09 |website=Entrepreneur |language=en}}{{Cite news |date=2023-06-08 |title=Capillary Technologies makes third US acquisition, takes over Tenerity's Digital Connect assets |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/capillary-technologies-makes-third-us-acquisition-takes-over-teneritys-digital-connect-assets/articleshow/100854135.cms |access-date=2023-06-09 |issn=0013-0389}}{{Cite web |title=Capillary Acquires Digital Connect Assets from Tenerity |url=https://loyalty360.org/content-gallery/daily-news/capillary-acquires-digital-connect-assets-from-tenerity |access-date=2023-06-09 |website=loyalty360.org |language=en-us}}{{Cite web |title=Warburg Pincus-backed Capillary Technologies makes third bet |url=https://www.vccircle.com/warburgpincus-backed-capillary-technologies-makes-third-bet |access-date=2023-06-09 |website=VCCircle |language=en-US}}{{Cite web |last=Rudra |first=Tapanjana |date=2023-06-08 |title=Capillary Acquires Tenerity's Digital Connect To Strengthen Foothold In US, Europe |url=https://inc42.com/buzz/capillary-acquires-teneritys-digital-connect-to-strengthen-foothold-in-us-europe/ |access-date=2023-06-09 |website=Inc42 Media |language=en}}

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.{{Cite web |title=Daily Research News Online no. 35124 - Loyalty Platform Capillary Raises $45m Expansion Fund |url=https://www.mrweb.com/drno/news35124.htm |access-date=2023-06-09 |website=www.mrweb.com}} According to Capillary, this new round of funding will primarily help Capillary's plans to grow and expand further in North America and Europe.{{Cite web |last=Singh |first=Jagmeet |date=2023-06-01 |title=Indian SaaS startup Capillary Technologies grabs $45M to expand globally |url=https://techcrunch.com/2023/05/31/capillary-technologies-funding-series-d/ |access-date=2023-06-09 |website=TechCrunch |language=en-US}}{{Cite news |last=Bhalla |first=Tarush |date=2023-06-02 |title=Capillary Technologies raises $45 million to fuel acquisitions and expansion |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/capillary-technologies-raises-45-million-to-fuel-acquisitions-and-expansion/articleshow/100668930.cms |access-date=2023-06-09 |issn=0013-0389}}{{Cite web |last=Staff |first=TechNode Global |date=2023-06-02 |title=India's Capillary Technologies raises $45M Series D funding from Avataar Ventures and its LPs |url=https://technode.global/2023/06/02/indias-capillary-raises-45m-series-d-from-avataar-ventures-and-its-lps/ |access-date=2023-06-09 |website=TechNode Global |language=en-US}}

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.{{Cite news |date=2009-09-02 |title=Qualcomm Ventures Announces Eight Shortlist Winners for QPrize Business Plan Competition {{!}} Qualcomm |newspaper=Qualcomm |url=https://www.qualcomm.com/news/releases/2009/09/02/qualcomm-ventures-announces-eight-shortlist-winners-qprize-business-plan |access-date=2016-12-07}}
• Sep 2012: Capillary raised $15.5 million from Sequoia Capital, Norwest Venture Partners & Qualcomm.{{Cite web |title=Capillary Technologies • Norwest Venture Partners |url=https://www.sequoiacap.com/india/companies/capillary/ |access-date=2016-12-07 |website=www.nvp.com}}{{Cite web |title=Portfolio {{!}} Qualcomm Ventures |url=https://www.qualcommventures.com/portfolio |access-date=2016-12-07 |website=www.qualcommventures.com}}{{Cite web |last=Perez |first=Sarah |title=Social CRM Company Capillary Technologies Raises $15.5M From Sequoia, Norwest & Qualcomm |url=https://techcrunch.com/2012/09/25/social-crm-company-capillary-technologies-raises-15-5m-from-sequoia-qualcomm-and-others/ |access-date=2016-12-07 |website=TechCrunch}}{{Cite web |title=Capillary Technologies |url=https://www.peakxv.com/companies/capillary/ |access-date=2023-06-12 |website=Peak XV |language=en-US}}
• Feb 2014: Capillary received $4 million from American Express in February 2014.{{Cite web |last=Mishra |first=Pankaj |title=With $4M In Fresh Funding From Amex Ventures, Capillary Wants to be Salesforce Of Social CRM |url=https://techcrunch.com/2014/02/12/with-5m-in-fresh-funding-from-amex-ventures-capillary-wants-to-be-salesforce-of-social-crm/ |access-date=2016-12-07 |website=TechCrunch}}{{Cite news |title=Archived: Start Singapore |publisher=The Straits Times |url=http://infoweb.newsbank.com/resources/doc/nb/news/14C1525766F0A890?p%3DAWNB |url-status=dead |archive-url=https://archive.today/20240528005701/https://www.webcitation.org/6n8UrteWG?url=http://infoweb.newsbank.com/resources/doc/nb/news/14C1525766F0A890%3Fp=AWNB |archive-date=2024-05-28}}
• Sep 2015: Capillary raised $45 million from Warburg Pincus, Sequoia Capital, and Norwest Venture Partners.{{Cite news |title=Capillary Technologies raises $45 million from Warburg Pincus & others - The Economic Times |newspaper=The Economic Times |url=http://articles.economictimes.indiatimes.com/2015-09-02/news/66143937_1_capillary-technologies-warburg-pincus-norwest-venture-partners |archive-url=https://web.archive.org/web/20150910230433/http://articles.economictimes.indiatimes.com/2015-09-02/news/66143937_1_capillary-technologies-warburg-pincus-norwest-venture-partners |url-status=dead |archive-date=10 September 2015 |access-date=2016-12-07}}
• Feb 2018: Capillary announced it raised $20 million in several tranches in 2017 and 2018 from existing investors Warburg Pincus and Sequoia Capital.{{Cite web |last=Anand |first=J. |date=2018-02-21 |title=Warburg Pincus, Sequoia invest more in SaaS firm Capillary |url=https://www.vccircle.com/warburg-pincus-sequoia-lead-investment-in-saas-firm-capillary |access-date=2023-06-10 |website=VCCircle |language=en-US}}
• Dec 2021: Capillary Technologies India filed draft papers to raise Rs 850 crore (approximately $103.1 million) through public issue.{{Cite web |date=2021-12-26 |title=Capillary Technologies India files draft papers to raise Rs 850 crore through public issue |url=https://www.moneycontrol.com/news/business/ipo/capillary-technologies-india-files-draft-papers-to-raise-rs-850-crore-through-public-issue-7867471.html |access-date=2023-06-09 |website=Moneycontrol |language=en}}{{Cite web |last= |first= |date=2021-12-27 |title=Capillary Technologies files draft papers to raise Rs 850 cr via IPO |url=https://www.business-standard.com/article/companies/capillary-technologies-files-draft-papers-to-raise-rs-850-cr-via-ipo-121122700476_1.html |access-date=2023-06-10 |website=www.business-standard.com |language=en-US}}
• May 2023: Capillary raised $45 million from Avataar Ventures along with its limited partners (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital.{{Cite web |date=2023-06-01 |title=Capillary raises $45 million from Avataar Ventures and its LPs |url=https://martechseries.com/technology/capillary-raises-45-million-from-avataar-ventures-and-its-lps-pantheon-57stars-and-unigestion-with-a-goal-to-build-the-best-loyalty-management-company-globally/ |access-date=2023-06-09 |website=MarTech Series |language=en-US}}{{Cite web |last=FinSMEs |date=2023-06-02 |title=Capillary Raises $45M in Funding |url=https://www.finsmes.com/2023/06/capillary-raises-45m-in-funding.html |access-date=2023-06-09 |website=FinSMEs |language=en-US}}
• Feb 2024: Capillary announces it raised $95 million in Secondary Deals from investors including The Evolvence Group, who are limited partners of Capillary's major investor Avaatar Ventures, and 57Stars, Pantheon, Unigestion, and new angel investors, including Ajay Gupta, former senior partner at McKinsey & Company, and Hal Brierley, founder of Brierley+Partners.{{Cite news |last=Bhalla |first=Tarush |date=2024-02-27 |title=Capillary Technologies extends latest funding round, raises $95 million in secondary transactions |url=https://economictimes.indiatimes.com/tech/funding/capillary-technologies-extends-latest-funding-round-raises-95-million-in-secondary/articleshow/108040160.cms?from=mdr |access-date=2024-06-03 |work=The Economic Times |issn=0013-0389}}{{Cite web |last=Staff |first=Entrepreneur |date=2024-02-28 |title=Capillary Technologies Raises USD 95 Mn in Secondary Deals and Expands Series D to USD 140 Mn |url=https://www.entrepreneur.com/en-in/news-and-trends/capillary-technologies-raises-usd-95-mn-in-secondary-deals/470374 |access-date=2024-06-03 |website=Entrepreneur |language=en}}{{Cite web |last=Mitra |first=Sudeshna |date=2024-02-27 |title=Capillary Nets $95 Mn In Secondary Fundraise |url=https://inc42.com/buzz/capillary-nets-95-mn-in-secondary-fundraise/ |access-date=2024-06-03 |website=Inc42 Media |language=en}}{{Cite news |title=Capillary raises $45 million from Avataar Ventures and its LPs - Pantheon, 57Stars, and Unigestion - with a goal to build the best loyalty management company globally |url=https://www.businesswire.com/news/home/20230601005360/en/Capillary-raises-45-million-from-Avataar-Ventures-and-its-LPs---Pantheon-57Stars-and-Unigestion---with-a-goal-to-build-the-best-loyalty-management-company-globally |access-date=2024-06-03 |language=en}}

Capillary acquired the e-commerce software platform MartJack in September 2015, supported by a $45 million funding led by Warburg Pincus.{{Cite web |last=Shu |first=Catherine |title=Social CRM Provider Capillary Technologies Raises $45M, Acquires MartJack |url=https://techcrunch.com/2015/09/02/capillary-tech-seriesc/ |access-date=2016-12-07 |website=TechCrunch}}{{Cite news |title=Capillary takes over ecommerce platform - Times of India |newspaper=The Times of India |url=http://timesofindia.indiatimes.com/business/india-business/Capillary-takes-over-ecommerce-platform/articleshow/46791083.cms |access-date=2016-12-07}}{{Cite web |last=Capillary Technologies |title=Capillary Technologies Acquires MartJack and Raises $45 Million Investment Round led by Warburg Pincus |url=https://www.prnewswire.com/news-releases/capillary-technologies-acquires-martjack-and-raises-45-million-investment-round-led-by-warburg-pincus-523837301.html |access-date=2023-06-12 |website=www.prnewswire.com |language=en}}{{Cite news |date=2015-09-03 |title=Capillary Technologies Gets $45M Series C Injection, Acquires MartJack |language=en-US |work=Wall Street Journal |url=http://www.wsj.com/articles/DJFVW00120150902eb92qbns1 |access-date=2023-06-12 |issn=0099-9660}}{{Cite web |last=Prakash |first=Rajiv |date=2015-09-02 |title=The MartJack Acquisition - Why is it a big deal for Indian Enterprise Software? |url=https://www.linkedin.com/pulse/why-makes-martjack-deal-important-rajiv-prakash |access-date=2023-06-12 |website=LinkedIn.com |publisher= |language=en}}{{Cite web |date=2015-11-03 |title=Capillary Technologies Acquires MartJack and Raises $45 Million Investment Round Led by Warburg Pincus |url=https://indiatechnologynews.in/capillary-technologies-acquires-martjack-and-raises-45-million-investment-round-led-by-warburg-pincus/ |access-date=2023-06-12 |website=India Technology News |language=en-US}} In October 2016, Capillary acquired SellerWorx, another e-commerce services and technology company.{{Cite news |last=Ganguly |first=Payal |date=2016-10-04 |title=Capillary Technologies acquires Sellerworx |newspaper=The Economic Times |url=http://economictimes.indiatimes.com/articleshow/54668515.cms |access-date=2016-12-07}}

In September 2021, Capillary Technologies acquired Persuade, a US-based loyalty firm.{{Cite web |date=2021-09-07 |title=Capillary Technologies Ramps up Loyalty Game with Acquisition of Persuade |url=https://www.businesswire.com/news/home/20210906005216/en/Capillary-Technologies-Ramps-up-Loyalty-Game-with-Acquisition-of-Persuade |access-date=2023-06-10 |website=www.businesswire.com |language=en}} In April 2023, Capillary acquired Brierley+Partners (known generally as Brierley), a loyalty agency and platform provider based in Frisco, Texas. Then, in June 2023, Capillary acquired the technology assets of Tenerity, a US-based rewards and engagement platform provider.

Capillary Technologies' primary product is its cloud-based SaaS platform Intelligent Loyalty.{{Cite web |title=Customer Loyalty Program Solution {{!}} Capillary |url=https://www.capillarytech.com/products/loyalty-program-software/ |access-date=2023-06-12 |website=CapillaryTech |language=en-US}} The Intelligent Loyalty platform includes modules with features for loyalty programs, customer engagement, data analytics, etc.

As of 2020, Capillary Technologies used GitHub as the core for the end-to-end CI/CD architecture of the company's platform.{{Cite web |title=How Capillary Technologies uses GitHub |url=https://github.com/customer-stories/capillarytech |access-date=2023-06-09 |website=GitHub |language=en}}

In 2023, Capillary launched AskAira, an AI-powered research assistant, as part of its loyalty platform. AskAira utilizes OpenAI's generative AI language models.{{Cite web |last=Staff |first=Wise Marketer |date=2023-05-15 |title=Capillary Launches AskAira, an AI-Powered Research Assistant for Loyalty Marketers |url=https://thewisemarketer.com/capillary-launches-askaira-an-ai-powered-research-assistant-for-loyalty-marketers/ |access-date=2023-06-09 |website=The Wise Marketer |language=en-US}}{{Cite web |last=Writer |first=MTS Staff |date=2023-05-10 |title=Capillary launches AskAira, an AI-powered research assistant |url=https://martechseries.com/predictive-ai/ai-platforms-machine-learning/capillary-launches-askaira-an-ai-powered-research-assistant-for-loyalty-marketers/ |access-date=2023-06-09 |website=MarTech Series |language=en-US}}

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