The holiday cheer came early to online contract management and billing company SteelBrick, which Salesforce.com Inc. agreed to acquire this week. Salesforce will pay about $360 million in stock and assumption of SteelBrick stock options and equity awards, according to an 8K form Salesforce filed with the U.S. Securities and Exchange Commission.

“I’m excited to share the news that Salesforce has signed a definitive agreement to acquire SteelBrick!” SteelBrick CEO Godard Abel said in a Dec. 23 blog post.

The deal, if completed as planned in Salesforce’s fiscal first quarter ending April 30, 2016, will enable Salesforce to directly offer Internet-based contract management technology that complements its customer relationship management technology for managing and keeping up to date with customers and prospects. SteelBrick’s software, which was built to operate on the Salesforce.com technology platform, provides applications for “automating the entire deal-close process—from generating quotes and configuring orders to collecting cash,” Salesforce says in the SEC filing.

SteelBrick’s suite of software includes such applications as Configure Price Quote, or CPQ, which lets a SteelBrick client’s customers configure a product or system on an e-ecommerce site, view a price, and if necessary request and negotiate a more agreeable price. Another SteelBrick application, SteelBrick Billing, lets companies automate the sending of electronic invoices, collect payments through credit card or other forms of transactions, calculate and manage sales tax, and update and maintain financial records.

Sign up for a free subscription to B2BecNews, a twice-weekly newsletter that covers technology and business trends in the growing B2B e-commerce industry. B2BecNews is published by Vertical Web Media LLC, which also publishes the monthly business magazine Internet Retailer. Follow B2BecNews editor Paul Demery on Twitter @pdemery.

advertisement
Favorite