Salesforce has officially confirmed its intent to acquire Spiff, a platform that streamlines commission management for sales teams through automation. The financial details of the deal have not been disclosed.
Spiff, established in 2017, offers a low-code interface that simplifies the process for businesses to create a sales compensation plan that automatically adjusts based on staff meeting their predetermined targets. With built-in integrations for popular enterprise CRM and ERP systems, Spiff claims the capability to handle complex commission structures and conditions, while allowing sales representatives to track their commissions in real-time.
The startup, based in Salt Lake City, had raised over $110 million during its six-year existence, including investments from Salesforce’s venture capital arm, Salesforce Ventures. Salesforce Ventures participated in Spiff’s Series B round in 2021 and led its $50 million Series C round earlier in the year.
Upon the completion of the acquisition, expected in the early months of 2024, Salesforce plans to integrate Spiff into its Sales Performance Management software, which is a CRM-connected product that links customer and sales team data. Additionally, it is worth noting that Spiff has been available on the Salesforce AppExchange for several years.
This acquisition also follows a trend in which Salesforce has brought ecosystem companies in-house. In September, Salesforce acquired Airkit, a low-code platform for developing AI customer service agents. The founders of Airkit previously had success with a big data startup called RelateIQ, which they sold to Salesforce for $390 million in 2014. Similar to Spiff, Airkit was also available on AppExchange, demonstrating Salesforce’s confidence in established ecosystem companies for its M&A strategy, especially those focused on “low-code” solutions.
Salesforce’s acquisition of Spiff represents its ongoing commitment to integrating proven ecosystem companies into its portfolio. This strategic move, with a focus on “low-code” technologies, showcases the company’s confidence in leveraging established industry players for its M&A efforts.
