Salesforce acquiring quote-to-cash app startup SteelBrick

The CRM giant's venture capital arm started backing SteelBrick earlier this year.
Written by Rachel King, Contributor

Following speculation earlier this week about a merger, Salesforce is buying one of the startups already backed by its venture capital arm.

The target of the deal is SteelBrick, a startup making quote-to-cash software.

SteelBrick CEO Godard Abel confirmed the deal in a statement on Wednesday.

"We have witnessed how Salesforce has pioneered the shift to enterprise cloud computing and set the standard for customer success in the industry," Abel wrote about the agreement. "Many of our team members have already enjoyed growing their careers in the vibrant Salesforce ecosystem as customers and partners for many years, and we're excited to join Salesforce."

Salesforce is paying approximately $360 million for SteelBrick, according to an 8-K filing with the U.S. Securities and Exchange Commission. The deal is expected to be complete by the end of Salesforce's first fiscal quarter on April 30, 2016.

In February, Salesforce Ventures took part in an $18 million Series B round led by Shasta Ventures with participation from previous investor Emergence Capital. That brought SteelBrick's fundraising pool to a grand total of $29.5 million raised over the previous year at the time.

With cloud and mobile-based programs for producing sales quotes and orders, SteelBrick serves approximately 200 companies, including Cloudera, Nimble Storage, Nutanix, and HootSuite.

The SteelBrick CPQ was also built and delivered natively via the Salesforce1 Platform, the foundation for the San Francisco corporation's Internet of Things strategy first unveiled at Dreamforce 2013.

Abel also wrote SteelBrick's quote-to-cash apps will be integrated within Salesforce products.

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