Apttus Inc., the leader in quote-to-cash (QTC) solutions are acquiring Conga, one of Salesforce’s biggest AppExchange partners and adopting its name. Though the price of the deal has not been disclosed, according to Bloomberg, the deal is worth $715 million.
Apttus and Salesforce
Apttus Corp. develops software for managing work processes such as automate pricing for quote offers and other business proposals. Initially, Apttus focused on becoming the go-to Quote-to-Cash provider for the companies that use Salesforce CRM. In 2015, Salesforce acquired its competitor Steelbrick, now called Salesforce CPQ for $360M. According to the rumors, Apttus was the preferred solution since Salesforce uses it internally but they quoted $2B for it. It was then that they dropped their focus on Salesforce.
Conga and Salesforce
Conga, on the other hand, is a well-known brand around the Salesforce ecosystem. Founded in 2006, Conga is a developer of the Conga Suite, a Salesforce digital document application backed by Salesforce Ventures. The trade name for AppExtremes Inc, Conga develops document-generation applications for its customers. It aims for digital document transformation, focusing on document generation, contract lifecycle management, and eSignature.
Joining the workforce!
The new company will serve under the Conga brand and the executive team of the company will consist of individuals from both the companies. The Chief Executive Officer of Apttus, Frank Holland will head the new company as Chief Executive Officer. Conga CEO, Matthew Schiltz will join the new company’s board of managers and Thoma Bravo remains the lead strategic investor in the new company.
Conga’s majority shareholder, private equity firm Insight Partners, will retain a material ownership stake in the new company. Nikitas Koutoupes, Managing Director at Insight Partners, will also join the Board of Managers.
“Apttus and Conga are people-first businesses with core values that fit together seamlessly, and both are fueled by an inherent drive to succeed. Combined, we’ll continue to deliver the same dedication to customer service, innovation, and culture as we have in the past,” says Frank Holland, Chief Executive Officer, Conga. “Our mission remains resolute — to ensure customer success and unmatched world-class products and services. Now, we’ll do it together.”
The new company combines a revenue of about $400 million spread across its product portfolio that includes Configure-Price-Quote, Contract Lifecycle Management, Document Generation, Process Automation, and eSignature. Also, it now has over 10,000 enterprise and mid-market customers to serve.
In the ever-changing digital economy, the new Conga’s comprehensive end-to-end solution will empower organizations to revolutionize business operations, streamline workflows, and deliver documents more effectively.
It will be interesting to see the collaboration of these companies and how they evolve to continue delivering digital transformation. Do share your thoughts about this merger with us!
