SteelBrick is a company that provides a way for other businesses to offer quotes to potential customers. While the firm helped companies secure new revenue streams, those companies were left to their own devices when it came to actually accessing the funds in those streams.
That is, until now. Reports in TechCrunch Wednesday (Sept. 9) said SteelBrick has acquired Invoice IT, a unit that will now let SteelBrick offer an end-to-end sales solution to businesses. In addition to its configure, price and quote software, SteelBrick can now help businesses offer a quote, secure a customer immediately, begin billing and get payment to those new clients.
SteelBrick will reportedly integrate Invoice IT into its operations and rename the service SteelBrick Billing, providing what reports call a “quote to cash” tool for its corporate clients.
Interestingly, reports said SteelBrick had been developing its own internal billing software for years. But SteelBrick CEO Godard Abel told TechCrunch that with the acquisition of Invoice IT, it solves the problem of B2B billing in a much more efficient way.
“They have been working on [the internal billing software] since 2009,” he said. “We are getting a much more mature product with 60 customers.”
Reports also said that the billing service was built on Salesforce 1, meaning it can easily integrate into SteelBrick, which is also built upon the Salesforce platform.
Abel told reporters that the acquisition will give SteelBrick a more competitive edge in meeting the needs of business customers that want subscription-based services. “As companies move to subscription models, legacy accounting packages aren’t equipped to handle that,” he stated.
The buyout, the financial details of which were not revealed, also adds 30 of Invoice IT’s employees to the team and 60 corporate clients, though some of those are overlapping, according to reports.