Founding CEO Sunil Thomas assumes the position of executive chairman to lead the company’s strategic initiatives
CleverTap has appointed Sidharth Malik as global CEO with an aim to expand its core leadership. The announcement comes as CleverTap accelerates its international growth and builds new capabilities to help digital consumer brands increase their customer retention and foster lifetime value. Prior to this, Malik was with Freshworks as chief revenue officer.
Malik’s appointment marks a new chapter in CleverTap’s success journey. Under the leadership of Sunil Thomas, co-founder and founding CEO, CleverTap claims to have penetrated new markets and achieved $45 million in annual recurring revenue in less than six years of monetisation, with a 235% compounded average growth rate. “CleverTap has grown phenomenally, and through the more than 10,000 mobile apps leveraging our platform worldwide, we’re empowering mobile brands and businesses to touch the lives of over a billion people every day,” Thomas said. Further, to extend the company’s ambitious strategy and execute on its vision, Sunil Thomas will assume the role of executive chairman. He will focus on scaling innovation and strategic direction for CleverTap, while Malik will help provide leadership for organisation-building and day-to-day business execution.
At Freshworks, Malik was instrumental in scaling its business from a single product to a multi-product platform with a global footprint. Under his direction, Freshworks unlocked new markets and strengthened its position. “Sidharth Malik’s passion, insights and leadership skills, coupled with his experience in helping take a world-class SaaS startup from India to the world, make him the right leader at the right time for CleverTap. His appointment significantly strengthens CleverTap’s core foundation and leadership team, preparing the company to scale globally and chart to an IPO,” Thomas added.
Uniquely positioning itself as a full-stack Retention Cloud, CleverTap has introduced an entirely new product category and expanded its capabilities. Earlier this month, the company acquired Patch, a technology designed to provide seamless, contextual and secure communications between companies and consumers.