Saturday, December 26, 2015

Salesforce Acquires Leading CPQ Solution Provider SteelBrick

Salesforce has acquired SteelBrick, a San Mateo-based provider of quote-to-cash apps, for a total of $360 million. The company provides out-of-the-box Quote-to-cash apps that are fast and easier to deploy than traditional CPQ (Configure Price Quote) and billing applications.

SteelBrick CPQ, which integrates natively with Salesforce platform, generate orders, sales quotes, proposals and contracts. The company’s SteelBrick Billing apps manages billing, payments and revenue recognition. In addition to figuring out the right prices of products and generating orders, the company’s SteelBrick Analytics, which built on Salesforce Wave, delivers dynamic insights.   

Godard Abel, CEO of SteelBrick, wrote in a blog post: “Being a part of Salesforce will give us an amazing opportunity to accelerate our delivery of fully integrated Quote-to-Cash applications right within Salesforce, helping thousands more customers grow revenue faster than ever before.”

Founded in 2009 and based in San Mateo, California, SteelBrick helps small and medium-sized (SME) businesses create quotes, sign contracts and bill customers. The company provides businesses with Configure, Price, Quote (CPQ) and Subscription Billing apps, which are fast and easy to deploy and built 100 percent native on the Salesforce platform. Led by CEO Godard Abel, SteelBrick has over 300 customers, including high-growth companies such as Cloudera, HootSuite, Mitsubishi, Danaher, Marketo, Nutanix and Nimble Storage. Before joining SteelBrick, CEO Godard Abel has founded BigMachines, a leading configure-price-quote (CPQ) solution provider that Oracle acquired in 2013.

The company has raised $78 million in total funding. Investors include Institutional Venture Partners, Emergence Capital, and Shasta Ventures. 

Based in San Francisco, California, Salesforce is a global cloud computing company that provides business software on a subscription basis (SaaS). Salesforce offers a comprehensive customer and collaboration relationship management service to businesses of all sizes and industries. It also provides a technology platform to build and run enterprise applications.

Salersforce was founded by former Oracle executive Marc Benioff, Parker Harris, Dave Moellenhoff, and Frank Dominguez in 1999. Salesforce’s early investors include Oracle’s Larry Ellison, halsey Minor, Stewart Henerson, Mark Iscaro, Nancy Pelosi, and Igor Sill of Geneva Venture Partners. 

Image credit: LinkedIn

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