At Salesforce Announce Plans to acquire Spiff, a platform that automates commission 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 companies to create a sales compensation plan that automatically updates based on employees meeting their pre-agreed goals. With native integrations to public enterprise CRM and ERP systems, Spiff says it can handle more complex commission structures, including any conditions that may exist to trigger payments, while sales reps can see what commission they’re owed in real-time.
The Salt Lake City-based startup has raised as much as $110 million in its six-year history, including a cash infusion from VC firm Salesforce Ventures, which invested in Spiff’s Series B round in 2021 and led its Series C round. amounting to $50 million earlier. this year.
Once the acquisition closes, which is expected to occur in the first few months of 2024, Salesforce says Spiff will be operated within its business Sales performance management Software, a product connected to a customer relationship management (CRM) system that connects customer data and the sales team.
It is worth noting that the two companies have a history that goes beyond previous investment in stocks Spiff makes himself available On the Salesforce AppExchange for several years already.
The deal also marks the latest in a series of ecosystem companies that Salesforce eventually brought in-house. Last September, Salesforce acquired Airkit, a low-code platform for building AI-driven customer service agents. Not only had Airkit’s founders previously exited Salesforce after selling a big data startup called RelateIQ for $390 million in 2014, but Salesforce Ventures has invested in Airkit over several rounds since its founding in 2017. Similar to Spiff, Airkit has Also available on AppExchange.
So, it’s clear that Salesforce continues to look to its tried and tested ecosystem companies as a safe bet for its M&A endeavors, with “low code” also playing a major factor.