[ad_1]
To enhance its sales performance management software, Salesforce announced plans to acquire Spiff, a platform designed to automate commission management for sales teams. Financial terms of the deal were not disclosed.
This is the 332nd technology M&A deal reported by ChannelE2E and MSSP Alert in 2023 so far. View more than 2,000 technology M&A deals for 2023, 2022, 2021 and 2020 listed here.
Salesforce was founded in 1999 and is headquartered in San Francisco, California. The company has more than 70,000 employees on LinkedIn. Salesforce’s areas of expertise include enterprise cloud computing and customer relationship management.
Spiff was founded in 2017 and is headquartered in Sandy, Utah. LinkedIn lists the company as having 289 employees. Spiff’s areas of expertise include Commissions, Finance, Sales, Spreadsheets, Sales Performance, Software, SaaS, Sales Performance Management, Incentive Compensation, Sales Software, Incentive Compensation Software, Sales Management, Calculate Commissions, Commission Management, Automated Commissions, Sales Representatives, Commission calculator, compensation plan and manage commissions.
More about Spiff
Spiff has developed a low-code interface that simplifies the creation of sales compensation plans. These plans are automatically updated based on the achievement of salespeople’s preset goals. Spiff’s platform has native integrations with common enterprise CRM and ERP systems, enabling it to manage complex commission structures and conditions that trigger payments. Additionally, it provides sales reps with instant commission visibility.
The company has raised more than $110 million in funding in six years. Notably, Salesforce’s own venture capital firm, Salesforce Ventures, funded Spiff’s Series B round in 2021 and led a $50 million Series C round earlier this year.
Spiff’s future after acquisition
The acquisition is expected to close in early 2024, and Salesforce said it plans to integrate Spiff into its sales performance management software. The product connects customer and sales team data within the Salesforce CRM ecosystem.
It’s worth noting that Salesforce and Spiff’s relationship goes beyond just investments. Spiff has been used on Salesforce’s AppExchange for several years, indicating existing synergies between the two companies.
The Spiff acquisition follows Salesforce’s pattern of integrating companies out of its ecosystem. Salesforce observed this approach in September when it acquired Airkit, a low-code platform for creating AI customer service agents. Like Spiff, Airkit is backed by Salesforce Ventures and is available on the AppExchange.
Salesforce’s M&A Strategy
The acquisition is in line with Salesforce’s ongoing strategy to integrate established companies from its ecosystem into operations and focus on low-code solutions. This approach is evident in Salesforce’s recent acquisition history and investment pattern.
[ad_2]
Source link