Salesforce has was announced plans to acquire Spiff, a platform that automates procurement management for sales teams. Terms of the deal were not disclosed.
Founded in 2017, Spiff offers a low-code interface designed to make it easy for businesses to create a sales compensation plan that automatically updates based on staff meeting their pre-agreed goals. With native integrations for common enterprise CRM and ERP systems, Spiff says it can handle the most complex commission structures, including any conditions that may exist to trigger payments, while sales reps can see the commission owed to them in real time. time.
The Salt Lake City-based startup had raised $110 million in its six-year history, including cash infusions from Salesforce’s own venture capital firm Salesforce Ventures, which invested in Spiff’s 2021 Series B round and led its round $50 million Series C earlier. This year.
Spiff Image credits: Spiff
Once the acquisition closes, which is expected in the first months of 2024, Salesforce says Spiff will go live as part of its Sales Performance Management software, a CRM-connected product that connects customer and sales team data.
It is worth noting that the two companies have a history that goes beyond the previous equity investment, with Spiff is available on the Salesforce AppExchange for several years.
The deal is also the latest in a series of ecosystem companies that Salesforce has eventually brought in-house. In September Salesforce acquired Airkit, a low-code platform for building AI customer service agents. Not only did Airkit’s founders have a previous exit from Salesforce having sold a big data startup called RelateIQ for $390 million in 2014, but Salesforce Ventures had invested in Airkit in multiple rounds since its founding in 2017. And similar to Spiff, Airkit was also available on the AppExchange.
So it’s clear that Salesforce continues to see proven ecosystem companies as a safe bet for its M&A efforts, with “low code” also playing a key factor.
