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Israeli Software Developer ClickSoftware to Be Acquired by Salesforce

Israeli Software Developer ClickSoftware to Be Acquired by Salesforce

Cloud-service provider Salesforce announced that it would acquire ClickSoftware, an Israeli software development company for $1.35 billion in both cash and shares. This will be the second-biggest deal for the company in Israel. It previously bought a cloud-based artificial intelligence marketing platform called Datorama for $850 million in July 2018.

Why did Salesforce buy the company?

The Israeli company makes cloud-based field service management software that could be used in Salesforce’s Service Cloud Platform. The company’s offer of $1.35 billion was based on the estimated purchase price adjustments and net of the value of shares it owns already. The sale will close around the time the cloud service closes its fiscal quarter on October 31. However, the deal is still pending various approvals.

Israeli Software Developer ClickSoftware to Be Acquired by Salesforce

This is the second big deal announcement of the week for Salesforce as it completed the $15 billion deal of Tableau, a big data firm. Israeli media reported in January that Salesforce wanted to acquire the software developer for $1.5 billion.

Note that ClickSoftware was bought by Francisco Partners, an American private equity firm for $438 million. The company was soon delisted from the NASDAQ stock exchange. It was founded in 1997 and went public in the US within three years before the 2015 deal with the US private equity firm, which has now more than doubled its money.

Focusing on field services

With this latest acquisition, Salesforce wants to be able to better compete with its larger rival Microsoft which acquired FieldOne way back in 2015. The cloud platform already has tools available with field services, like keeping track of employees leaving the office to perform different tasks for their customers.

In a statement, the company delved deeper into its stance on field service, writing, “With the combined capabilities of Field Service Lightning and ClickSoftware, Salesforce will be positioned to lead the way to the future of field service.” Its Field Service Lightning is based on the company’s native Service Cloud, which helps in managing mobile workforce better. It is also empowered with IoT technology, which helps companies connect all their employees on a centralized platform, regardless of their location.

According to the June earnings report of Salesforce, the company’s Service Cloud revenue jumped over $1 billion. With field service added to the platform via ClickSoftware, the revenue can be expected to grow further as more companies find ways to connect their mobile workforce to the centralized cloud system.

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Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.