Vlocity's strategy to tailor its cloud-based CRM apps for specific industries is boosting sales and recruitment.
The San Francisco-based unicorn expects to generate $160 million to $170 million in revenue in its current fiscal year ending Jan. 31, 2020, said co-founder and CEO, David Schmaier. That figure would be up from nearly $100 million during the prior fiscal year.
It also expects to upsize its total workforce from 900 to 2,000 next year, Schmaier said. The company, founded in 2014, also expects to double the 150 people it employs in three Bay Area offices.
The growth has Vlocity thinking about expansion in at least one of those offices. It expects to outgrow the 40,313 square feet it occupies across its headquarters in Salesforce Tower, 50 Fremont St. in San Francisco and in San Mateo.
We [Salesforce] heard directly from customers that Vlocity makes Salesforce an even more valuable tool, so investing in them just made sense...
– John Somorjai, Executive Vice President of Corporate Development for Salesforce and Salesforce Ventures
Vlocity’s growth stems from its decision to build a company focused on specific industries, or verticals, rather than taking a broad approach with an app designed to be used across a number of industries, Schmaier said.
“If you are a health care company, would you want to buy a CRM solution for member policy administration or a health care CRM solution for member policy administration?” Schmaier asked.
Vlocity serves the health care, insurance, telecommunications, media and entertainment, government and energy and utilities industries. It develops software designed to help clients provide a better experience for their customers using their websites, services and products.
Vlocity has a close relationship with Salesforce (NYSE: CRM). It built its business on top of the Salesforce CRM platform, and the larger company invited Vlocity to move into Salesforce Tower. The cloud CRM titan has also been a repeat investor in Vlocity, which has raised a total of $163 million in funding.
Read More here.