News Corp-backed RelateIQ is being bought by competitor Salesforce just four months after it closed a $40m series C round.
US-based relationship intelligence platform RelateIQ is set to be acquired by cloud computing company Salesforce.com in a deal worth approximately $390m, according to an SEC filing today.
RelateIQ had raised about $69m prior to the acquisition, including a $40m round raised in March from media conglomerate News Corp and venture capital firms Redpoint Ventures, Kleiner Perkins Caufield & Byers and Felicis Ventures.
Other past investors include SV Angel, Morgenthaler Ventures, Accel Partners, Stage One Capital, Formation 8 and Battery Ventures.
RelateIQ provides software that can analyse data from a range of personal sources to assist salespeople in recruiting customers. The company, which was seen by some as a long-term competitor of Salesforce, will instead become a subsidiary of the larger business following the close of the deal.
The purchase price will value RelateIQ’s outstanding shares at $350m, which will be added to a cash balance that stands at approximately $40m after the March series C round.
“We believe this offers our customers the best of both worlds,” said RelateIQ founder and CEO Steve Loughlin in a post on the company blog.
“Looking ahead, Salesforce.com’s acquisition of RelateIQ will extend the value of Salesforce.com’s #1 CRM apps and platform with a new level of intelligence across sales, service, and marketing.”
