Salesforce.com has acquired California-based CRM startup, Relate IQ which offers ‘relationship intelligence platform’ that allows teams to track, share and analyze professional relationships. The deal amount was around USD 390 million. Post this investment, RelateIQ will become an independent subsidiary of Salesforce.com, according to documents filed with the U.S. Securities and Exchange Commission on Thursday.
Relate IQ works with Facebook to allow users to add photos and verify contact information and it’s software supports Exchange 2013, Exchange 2010, Office 365 and Google Apps.
“One of the great things about RelateIQ is the platform’s ability to capture and analyze activity data automatically as you carry on your typical day-to-day tasks, including sending and reading emails, scheduling calendar events, and making phone calls. Even if you have a teammate who only gets as far as connecting his or her accounts, your entire team will still see value added in the platform automatically and in real time,” RelateIQ said in the FAQ.
Launched in 2011 by Co-Founder & CTO Adam Evans and Founder & CEO Steve Loughlin. It has raised a total capital of USD 69 million including four funding rounds. The firm is backed by 11 investors such as AITV, Redpoint Ventures, News Corp, battery ventures, Formation 8, Accel Partners and others.
“Salesforce.com pioneered the shift to enterprise cloud computing, redefining modern CRM as we know it. As you know, RelateIQ is pioneering the next generation of intelligent computing through data science and machine learning,” said by Steve Loughlin, RelateIQ co-founder and CEO, in a blog post Friday.
Till date, Salesforce.com had invested in 62 companies and made 29 acquisitions including this latest one. It is backed by 8 investors and secured a total capital of USD 21 million in Series A, B & Seed round. The firm consists of 54 members in its team.
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CRN says: RelateIQ has positioned itself as a competitor to Salesforce.com, so the San Francisco cloud giant is eliminating a potential future annoyance by acquiring it. In a FAQ on its website, RelateIQ said a key strength of the technology is that it works almost entirely without human interaction.
Investment News says: The RelateIQ acquisition has brought Salesforce out of its comfort zone and makes it a stronger competitor against adviser-specific CRMs, said Raj Udeshi, co-founder of startup HiddenLevers, a web-based risk management tool for advisers.
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