updated - August 12, 2020 Wednesday EDT
Salesforce.com Inc. has acquired SteelBrick, Inc., a cloud quote and billing service provider, for $300 million, according to a report from The Wall Street Journal.
The merger of the two companies will help SteelBrick accelerate its delivery of fully integrated Quote-to-Cash applications.
SteelBrick, which helps small- and medium-size companies create quotes, sign contracts, and bill customers, runs on Salesforce's app platform.
The company had also already received funding from Salesforce Ventures, the venture capital firm of Salesforce, earlier.
SteelBrick announced in October that it raised $48 million in series C funding, which raised its total funding to $78 million over the previous year and a half.
Godard Abel, the CEO of SteelBrick, said in a blog post that they have already witnessed how "Salesforce has pioneered the shift to enterprise cloud computing and set the standard for customer success in the industry."
"Being a part of Salesforce will give us an amazing opportunity to accelerate our delivery of fully integrated Quote-to-Cash applications right within Salesforce," he said.
He adds that the merger will also help "thousands more customers grow revenue faster than ever before."
VentureBeat reports that the acquisition of SteelBrick matters for Salesforce's strategic direction.
The company acquired EdgeSpring to get into the business intelligence market, it also acquired ExactTarget and Pardot to get into the marketing automation business.
Salesforce's acquisition of RelateQ led to a major rethink of its core Sales Cloud and its small-business strategy.
SteeBrick's quote-to-cash software is part of the more general configure-price-quote market.
The software integrates well with Salesforce and SteeBrick's tools can take care of orders, contracts, billing and payments.
The deal has a total value of $360 million, which includes the $60 million in cash and after deducting Salesforce Venture's previous investments.
The deal is expected to close around April next year.
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