Simplus, a US-based quote-to-cash services provider backed by customer relationship management (CRM) software producer Salesforce, has agreed to an acquisition by IT services firm Infosys.
The companies did not confirm the size of the deal but Times of India cited a regulatory document stating the transaction consists of $200m upfront and an additional $50m in employee incentives and retention payments linked to certain milestones over three years.
Founded in 2014, Simplus provides cloud consulting, implementation, data integration, change management and training services to businesses in the Salesforce ecosystem in order to help them improve workflows and business processes.
Infosys expects the acquisition to bolster its market position as an end-to-end services provider for the Salesforce ecosystem, and builds on the corporate’s acquisition of Salesforce-focused consultancy firm Fluido in late 2018.
Simplus had raised $40.5m in equity funding prior to the acquisition. Salesforce Ventures, the corporate venturing arm of Salesforce, backed its last round, a $20m series C, in February 2019.
Private equity fund manager Kensington Capital Partners led the series C round through its Kensington-SV Global Innovations vehicle and it also featured Savano Capital Partners, Epic Ventures, Cross Creek Advisors, University Growth Fund and Simplus’ chief financial officer Paul Fletcher.
Epic Ventures led the company’s $9.3m series B round in 2017, with contributions from Salesforce Ventures and Cross Creek Advisors, having also led a $7m series A round the previous year that included Salesforce Ventures and Silicon Valley Bank (SVB).
SVB, Epic Ventures, Infinite Investments, Prelude Service and Provider Capital had already supplied $4.2m in seed capital for Simplus in 2015 together with assorted angel investors and company employees.
