FastSpring, a full-service eCommerce solution for software-as-a-service (SaaS) companies, is acquiring SalesRight, a Canadian SaaS startup that offers tools for business-to-business (B2B) sales teams.
David Nachman, chief executive officer of FastSpring, said in a statement on Thursday (Nov. 19) that the acquisition “supports our vision and strategy” as the startup works to advance its capabilities.
The Santa Barbara, California startup FastSpring was founded in 2005 by Dan Engel, Jason Foodman, Ken White and Ryan Dewell. Originally an eCommerce solution for companies selling desktop software, the company did a 2011 pivot into the SaaS space.
SalesRight, headquartered in Nova Scotia, was founded two years ago by Bill Wilson, Greg Toner and Taylor Bond. The startup offers productivity tools for B2B and B2C SaaS sales teams, such as interactive quoting and digital signatures.
"Bringing SalesRight and FastSpring together is a game-changer for SaaS companies," said Wilson, co-founder and chief executive officer of SalesRight.
"Not only does SalesRight's powerful quoting and digital signature solution perfectly complement the FastSpring offering, but we're completely aligned in building the most complete eCommerce platform for software companies," Wilson added.
FastSpring recently named tech veteran Zia Zahiri as chief technology officer (CTO) to lead the technology strategy and development team and drive products to market. His most recent position was CTO with the cloud-based business automation firm Jaggaer.
The July Cross-Border Merchant Friction Index by PYMNTS, in conjunction with FastSpring, indicates that it is easy to find anything online but paying for it is not. Brian McTeague, vice president at FastSpring, said that transacting across borders is especially slow.
The November Cross-Border Merchant Friction Index, also with FastSpring, indicates that it is the ease of making payments that closes most online cross-border transactions.
Mark Lambert, chief financial officer of FastSpring, told PYMNTS that its eCommerce client base has been largely unaffected by the pandemic’s economic impact. “In fact, our overall growth is up during the pandemic,” Lambert said.