Global customer relationship management (CRM) firm Zendesk is set to acquire online experience management company Momentive, formerly known as SurveyMonkey, in an all-stock transaction that will be growth accretive for Zendesk by 2023 and accelerate its revenue plan to $3.5 billion the following year.

Under the terms of the agreement, Momentive stockholders will receive 0.225 shares of Zendesk stock for each share of Momentive stock, a ratio with an implied value of approximately $28 per outstanding share of Momentive stock, based on the 15-day volume weighted average price of Zendesk common stock up as of October 26.

The acquisition aims to create a formidable new customer intelligence (CI) entity, according to the joint press release from the two companies containing the announcement.

Zendesk, originally founded in Denmark, but now based in San Francisco, California, is the creator and provider of the software as a service (SaaS) platform of the same name for customer service, sales, marketing, and other customer communications and interactions. Momentive, headquartered in San Mateo, California, is the company formerly known as SurveyMonkey, best known for its online survey tools, but rebranded in June earlier this year and now offering cloud software for brand and market insights, product experience, employee experience (EX), CX, and online survey development.

Mikkel Svane, CEO and co-founder of Zendesk, expressed excitement about the acquisition. “The SurveyMonkey brand is iconic, and we’ve admired their business from afar since the inception of Zendesk,” he remarked. “We’re very excited to have them join the Zendesk mission along with Momentive’s market research and insights products and together create a powerful new customer intelligence company. We will deliver a rich, colorful picture of every customer so businesses really understand their customers and can build more authentic relationships.”

Zander Lurie, CEO of Momentive, noted that absorption into Zendesk is a testament to the strength of Momentive’s agile products and the firm’s talented team. “The synergies between our companies are proximate and compelling,” he said. “We are uniquely positioned to make customer intelligence a reality while delivering significant value for our shareholders.” ​​Upon the close of the transaction, Zendesk stockholders will own approximately 78% of the combined company, with Momentum owning the remaining 22%. The transaction is anticipated to close in the first half of 2022.