US cloud-based software giant Salesforce (NYSE: CRM) has announced that it has signed a definitive agreement to acquire Israeli data management for unstructured data company Zoomin. No financial details were disclosed but estimates are that the acquisition is for between $400 million and $500 million. The acquisition comes less than three weeks after Salesforce acquired Israel data protection company Own for $1.9 billion.
The aim of the acquisition is to improve the ability of the chatbot that Salesforce provides its customers in order to increase sales and customer satisfaction. Zoominfo's platform will make Salesforce's smart chatbot services better acquainted with customers and better equipped to approach them according to their characteristics and serve their needs.
Zoomin was founded in 2007 by CEO Gal Oron, a former manager of mergers and acquisitions at Verint, and Hannan Saltzman, a former senior executive at NICE Systems. It is one of the longest-established startups in Israel’s market.
The company has raised $73 million to date from investors like Bessemer Partners, General Atlantic, Viola Growth, and Salesforce’s own venture capital arm, which invested in the company in 2018. According to IVC the company has 170 employees including 70 in Israel.
Oron said, "We’re both humbled and excited to join forces with Salesforce. It’s a natural progression of our long-standing and evolving partnership. As organizations are accelerating their enterprise AI transformation, our joint mission is to support them and make sure AI doesn’t hit the data wall. As part of the #1 AI CRM, we will allow customers to leverage their existing enterprise data in ways they never imagined possible."
Published by Globes, Israel business news - en.globes.co.il - on September 25, 2024.
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