In a recent announcement, Salesforce has acquired Vlocity for $1.33 billion to boost it’s industry-specific CRM solutions. Vlocity is one of the leading and fastest-growing Salesforce-native industry solution providers focusing on specific industries including communications & media, energy & utilities, healthcare & life science, insurance, government, and financial services. The company has over 150 customers including some of the top Fortune 500s.
Inspired by Veeva & it’s huge success, Vlocity started its business in 2014 by one of the Veeva’s Co-founders but largely focused on 5-6 industries whereas Veeva was only a pharmaceuticals and life sciences industry-focused company. Vlocity had raised about $163 million & valued at $1 billion a year ago. Looking at the numbers, it was a good deal for Vlocity.
Talking about its acquisition, Salesforce said it was important for their customers to have products that speak the language of their industries. Vlocity’s features will help Salesforce enhance it’s industry capabilities and product knowledge. Salesforce customers from the above industries will get more tools and expert guidance in order to accelerate their digital transformation journey.
In a blog post, Vlocity’s CEO & Founder David Schmaier said ‘Our deep expertise in vertical industries enables organizations to digitally transform while delivering seamless, industry-specific processes and data models across any channel, helping to increase sales, service and marketing agility, operational efficiency, digital adoption, and simplicity.’ He also thanked all his customers, partners, and colleagues.
Salesforce has been focusing on building industry-specific solutions for the past few years. It already has industry-focused Cloud platforms including Health Cloud, Non-profit Cloud, Manufacturing Cloud, Consumer Goods Cloud. With the recent acquisition, Salesforce will significantly boost it’s industry Cloud solutions and will enable its customers to drive higher productivity with cost minimization.