- Salesforce recently announced it is buying Vlocity for $1.33 billion in an all-cash deal. These are the details about the deal.
Salesforce recently announced it is buying Vlocity for $1.33 billion in an all-cash deal. Vlocity’s platform is used by major players across a wide variety of industries. And it is heavily integrated with Salesforce’s Force platform. Salesforce Ventures was also an investor in Vlocity. At the time of the acquisition, Vlocity reported it had over 150 customers.
“It is important for our customers to have products that speak the language of their industries. Vlocity’s feature set will continue to enhance and complement Salesforce’s industry capabilities and product knowledge, open up new industry capabilities built on the Salesforce platform and provide customers with even more tools and expert guidance to digitally transform,” said Salesforce in a statement.
Vlocity was founded by Craig Ramsey, David Schmaier, James Ramsey, Mark Armenante, Young Sohn in 2014. And the company raised $162.8 million in funding prior to the acquisition, according to Crunchbase. Some of the founders of Vlocity are also known for being co-founders of Veeva Systems.
Salesforce also recently revealed that co-CEO Keith Block is stepping down. And so Marc Benioff is now serving as chair and CEO of the company.
This acquisition is expected to close in the second quarter of Salesforce’s fiscal year 2021. Recently, Salesforce reported annual revenues of $17.1 billion — which is up 29% year-over-year.
“Congratulations and thank you to my fellow Vlocity colleagues who contribute every day to our customers’ success – from our talented product, engineering, UX, QA and documentation organizations – to our customer success organization, expert services, program architects, support, training, and enablement – to our customer operations, employee success, finance, accounting, and IT teams – and to our amazing sales, marketing, strategy and alliances organizations,” wrote Schmaier in a blog post. “The technology innovation we have created is remarkable – together we have delivered 24 cloud software releases across our six industries in less than six years. All of you at Vlocity are heroes, fulfilling our important mission and keeping us laser-focused on our customers.“
