Workday has paid an undisclosed price for pricing engine and guided selling firm Zimit, a software company specialising in helping companies quote for their services.
The idea is businesses "plug in" Zimit between their CRM and ERP systems to help them understand the configuration and cost of services they provide. Zimit then generates quotes for such services – a task, the vendor claims, is otherwise often left to head-scratching and spreadsheets.
The newly acquired company says it integrates with Oracle, SAP, Microsoft, Netsuite and Salesforce – and, of course Workday, having achieved "approved integration status" in September last year.
Taking a closer look at the firm, the SaaSy finance and HR software provider obviously thought it was worth buying Zimit, a company founded in 2015.
Having been around for 5 years and collected about $2m in funding in 2019 – handed to it by Workday's investment arm, according to Crunchbase – Zimit hired Brian MacDonald, a veteran of CloudCare, as director of sales, and Craig Abramson, as director of marketing in February this year.
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Zimit does something called Configure-Price-Quote and, according to the companies, the merger will enable them to "further innovate the CPQ process to deliver an end-to-end, quote-to-cash cycle in a single system for services industries."
In a canned statement, Workday's Pete Schlampp, executive vice president, product development, said: "Zimit changed the game with its proprietary pricing engine and is one of the first – and only – companies to provide services quotes in a matter of minutes."
Liz Miller, vice president and principal analyst at Constellation Research, said the acquisition would provide "revenue and resource visibility through the lens of the customer's directly input intentions, helping to accelerate and streamline their quote process."
Workday has shown over the last couple of years it is keen to get out of its HR/finance pigeonhole to compete with broader application providers such as SAP and Oracle.
In 2019, it bought cloud-based procurement services slinger Scout RFP for $540m.
Workday boss Aneel Bhusri later described the buy as a "quick win on the procurement side." ®