In the hope of improving their position in the retail industry, Salesforce have announced the acquisition of point-of-sale (POS) start-up, PredictSpring.
The California-based company offers innovative features such as inventory management and remote payment, empowering companies to interact with customers in new and exciting ways. Here’s what you need to know about this acquisition…
Who Are PredictSpring?
PredictSpring are well known for its POS systems, allowing store workers to engage with customers and simultaneously complete transactions on mobile devices. With features such as customer profiling and online ordering of out-of-stock items, they’re a really useful tool for customer service retailing.
The company was founded in 2013 by Nitin Mangtani, who previously worked with Google as a Product Manager. During his seven years there, Mangtani built the Google Shopping Team from just a few hundred merchants to hundreds of thousands of merchants worldwide. His specific expertise lies in search infrastructure and optimizing mobile conversions.
Previously, PredictSpring had raised $11.4M in a Series A financing round led by Felicis Ventures, demonstrating continued confidence in the company’s innovative approach to omni-channel commerce solutions. They also went on to raise an additional $16M in their Series B round, with Salesforce Ventures participating in the funding.
How Does This Elevate Salesforce?
Salesforce and PredictSpring have a pre-existing relationship as strategic partners – a relationship that dates back to 2019. This collaboration has allowed them to provide customers with a seamless unified experience on both Salesforce Commerce and Service Cloud. This successful partnership eventually led to Salesforce’s decision to acquire the company.
With PredictSpring fully integrated into Salesforce, retailers will see the full benefits of Salesforce’s omni-channel capabilities. In essence, the integration will enable Salesforce to offer a more complete suite of retail solutions and thrive in an increasingly digital retail environment.
Salesforce have said that they won’t be disclosing any further financial details, but have confirmed that they will be hiring all 31 employees of PredictSpring. The acquisition is expected to be complete by the third quarter of Salesforce’s fiscal 2025 year.
Summary
Salesforce continue to build more powerful and versatile retail solutions to further enhance their Service Cloud and Commerce Cloud capabilities – it’s clear that they are looking to prioritize this sector and strengthen their loyalty management products going forward.
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