Enterprise software company Salesforce.com has agreed to acquire US-based quote-to-cash software provider SteelBrick for $360m, giving an exit to its corporate venturing arm, Salesforce Ventures.
SteelBrick’s technology allows businesses to automate quoting, contracting and billing processes, and is used through Salesforce’s customer relationship management platform.
The company has raised $77.5m in funding since 2013, with Salesforce Ventures first investing as part of an $18m series B round in February 2015 that included Emergence Capital and Shasta Ventures.
Salesforce Ventures returned for a $48m series C round in October led by Institutional Venture Partners and backed by Emergence and Shasta.
The price was disclosed in a regulatory filing that stated Salesforce will pay $360m in stock minus the $60m in cash SteelBrick has on hand. Earlier reports had suggested the purchase could be sized at up to $600m.