In a move to enhance its Sales Performance Management software, Salesforce has announced plans to acquire Spiff, a platform that specializes in automating commission management for sales teams. Financial terms of the deal were not disclosed.
This is technology M&A deal number 332 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2023, 2022, 2021, and 2020 listed here.
Salesforce, founded in 1999, is based in San Francisco, California. The company has over 70,000 employees listed on LinkedIn. Salesforce’s areas of expertise include Enterprise Cloud Computing and Customer Relationship Management.
Spiff, founded in 2017, is based in Sandy, Utah. The company has 289 employees listed on LinkedIn. Spiff’s areas of expertise include commissions, finance, sales, spreadsheets, sales performance, software, saas, sales performance management, incentive compensation, sales software, incentive compensation software, sales management, calculating commissions, commission management, automated commissions, sales reps, commissions calculator, compensation plans, and manage commissions.
More About Spiff
Spiff has developed a low-code interface that simplifies the creation of sales compensation plans. These plans automatically update based on the achievement of pre-set targets by sales personnel. Spiff's platform boasts native integrations with common enterprise CRM and ERP systems, allowing it to manage complex commission structures and conditions for triggering payments. Additionally, it provides real-time commission visibility to sales representatives.
The company has raised over $110 million in funding over six years. Notably, Salesforce's own venture capital firm, Salesforce Ventures, contributed to Spiff's Series B round in 2021 and led its $50 million Series C round earlier this year.
The Future of Spiff Post-Acquisition
Upon completion of the acquisition, expected in the early months of 2024, Salesforce says it plans to integrate Spiff within its Sales Performance Management software. This product connects customer and sales team data within the Salesforce CRM ecosystem.
It's noteworthy that Salesforce and Spiff's relationship extends beyond investment. Spiff has been available on Salesforce's AppExchange for several years, indicating an existing synergy between the two companies.
The acquisition of Spiff follows Salesforce's pattern of integrating companies from its ecosystem. This approach was observed in September when Salesforce acquired Airkit, a low-code platform for creating AI customer service agents. Like Spiff, Airkit had received investments from Salesforce Ventures and was available on AppExchange.
Salesforce's M&A Strategy
This acquisition aligns with Salesforce's ongoing strategy of integrating established companies from its ecosystem into its operations, with a focus on low-code solutions. This approach is evident in Salesforce's recent acquisition history and investment patterns.
