Chicago-based SAVO Group has agreed to be acquired by a larger competitor in the still-emerging field of enterprise SaaS known as sales enablement software.
San Diego, Calif.-based Seismic offers solutions which help corporations and other customers manage the online marketing materials created to support sales reps in the field. Its cloud-based technology pulls live data from various sources for use in charts, reports, graphics and other types of electronic documents, automatically updating sales and marketing content. The solutions are used by customers to boost sales productivity through the automated distribution of relevant information and personalized content to reps for any buyer interaction.
Seismic CEO and co-founder Doug Winter says the deal will result in a company about two to three times the size of any other competitor in a “pretty fragmented space.”
Seismic, which has raised a total of about $75 million, will employ roughly 450 people across offices in cities such as Boston, New York, San Francisco, London and Sydney, Australia. The newly combined firm should list over 500 enterprise customers globally. Seismic’s current client list includes NCR, Illumina, Capital One and Getty Images. Winter said that the company generated sales up 97% year-over-year (YOY) to $50 million in 2017 and expects revenues to hit $100 million by the end of this year. Last year, the company achieved a net customer retention rate of 118%. According to a company statement, Seismic has maintained a revenue growth rate of at least 95% over six consecutive years.
With its SAVO acquisition, Seismic will gain clients such as BMC Software, ADP, Miller Heiman, Canon Europe, Stryker, and Walgreen’s Boots Alliance. The merger should also help the market leader expand into the European market, where SAVO already has a foothold. Seismic’s CEO suggests that nearly twenty-year-old SAVO Group is more complementary to the software company than competitive, and should bring extensive sales enablement expertise and additional tech functionality to the new combined customer base.
“The acquisition ultimately is about having more resources available to help our customers achieve their sales enablement goals,” said Seismic spokesperson Jason Fidler.
Financial terms of the deal have not been disclosed.