Documentation software provider Conga has agreed to acquire US-based online document creation and collaboration platform developer Octiv for an undisclosed sum, allowing industrial product group General Electric to exit.
Founded in 2010, Octiv has created a software platform that streamlines work documents for a business’s sales, legal and IT teams, allowing them to collaborate on tasks. It will be incorporated into Conga’s software suite.
The company had raised approximately $17m in funding prior to the purchase, most recently securing $4.8m from General Electric’s GE Ventures unit, Greycroft Partners, High Alpha Capital and Allos Partners in 2016. Its earlier investors include FundersClub and Hyde Park Venture Partners.
Matthew J. Schiltz, Conga’s CEO, said: “Octiv’s solution strategically complements the Conga Suite. It will power Conga customers who generate web-based documents to even greater success, while expanding our document and contract management user base.”