B2B Software-as-a-Service giant Salesforce has announced an acquisition it will make in 2016 for $360 million, the company revealed in a blog post late last week.
Salesforce will purchase financial services firm SteelBrick, which provides companies with a B2B quote-to-cash platform, just a few months after the company raised $48 million in venture capital led by Institutional Venture Partners.
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"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,” said SteelBrick CEO Godard Abel, according to reports. Abel also sold BigMachines to Oracle in 2013 in a $400 million takeover.
The Salesforce acquisition was confirmed through a filing with the Securities and Exchange Commission, reports added.
Earlier this year, SteelBrick acquired Invoice IT in a move that added a billing feature to the SteelBrick suite, allowing companies that quote and price their services to also collect payment from the firms with which they strike a deal.
In an interview with PYMNTS at the time, Abel said SteelBrick helps companies manage their accounts receivable processes through the Invoice IT takeover, which was integrated into the company and relaunched as the SteelBrick Billing tool.
"SteelBrick now can automatically generate an invoice as soon as a quote is marked ‘closed/won,’” Abel said. “SteelBrick CPQ and Billing (formerly Invoice IT) work together to immediately create and post an order, as well as generate any customer invoices that are due upon signing. In addition, SteelBrick will set up a revenue and billing schedule for all future invoices and then send those invoices to the customer upon billing criteria being met."