Vlocity Receives $42.8M Investment
Vlocity Raises $42.8 Million in Funding Led by Salesforce Ventures With Participation From Accenture.
April 16, 2015 07:00 ET
Funding to Accelerate Delivery of Vlocity's Industry-Specific Cloud and Mobile Apps
SAN FRANCISCO, CA--(Marketwired - Apr 16, 2015) - Vlocity, Inc, a leading Industry Cloud software company with deep domain expertise in vertical applications, today announced that it has raised $42.8 million in a funding round led by Salesforce Ventures, Salesforce's corporate investment group. Accenture (NYSE: ACN), a global management consulting, technology services and outsourcing company, also participated in the round.
Vlocity Industry Cloud Apps are modern cloud and mobile software solutions that embed deep industry-specific functionality, best practices and business processes. They are built entirely on the Salesforce Customer Success Platform, and take advantage of the omnichannel capabilities of Salesforce Sales Cloud, Service Cloud, Marketing Cloud, Community Cloud and Analytics Cloud.
"Vlocity's industry-specific cloud and mobile solutions help companies deliver high quality, unified and omnichannel customer experiences that are tailored to the unique requirements of their industry," said Vlocity CEO and Founder David Schmaier. "Many companies and IT executives feel trapped by on-premise CRM systems that do not provide the agility or flexibility necessary to meet increasing customer demands across channels."
Schmaier added, "These strategic investments and our close relationships with Salesforce and Accenture will help us accelerate the delivery of modern industry-specific cloud applications, and enable our joint customers to enjoy the increased time to value and business agility associated with the Industry Cloud."
"Salesforce is partnering closely with Vlocity to build industry-specific cloud applications in target markets where customer-centric engagement is critical," said Tyler Prince, EVP, WW Alliances & Channels, Salesforce. "We are excited to help bring these compelling industry-specific apps to market and further build upon the breadth and depth of the Salesforce1 Platform."
"Salesforce Ventures empowers the next generation of companies building transformative technologies for the Salesforce Customer Success Platform," said John Somorjai, EVP, Corporate Development and Salesforce Ventures, Salesforce. "Vlocity delivers critical industry capabilities that extend the power of Salesforce for our mutual customers and we are excited to invest in the company and help accelerate their momentum."
"As the leading global provider of Salesforce implementation services, we are delighted to work with Vlocity's experienced team of industry experts, building on a relationship strongly anchored in our shared past with incredible future potential," said Bob Sell, Group Chief Executive, Media, Communications & Technology, Accenture. "Through our investment in Vlocity, we are able to provide communications and high-tech companies the ability to affect the customer experience with industry-specific, cloud-based solutions."
Vlocity Industry Cloud Apps, together with the Salesforce Platform, allow organizations to deliver a superior, unified customer experience across all channels and devices. Vlocity offers three industry applications on the Salesforce AppExchange:
A modern, enterprise-scale suite of industry cloud and mobile software that conforms to TM Forum Frameworx standards and integrates flexibly with third-party systems through pre-built APIs and web services. Vlocity Communications takes advantage of the omnichannel capabilities of Salesforce and includes comprehensive customer order management, billing and service management functionality.
A modern, enterprise-scale suite of policy, benefit plan, and distribution channel management industry cloud and mobile software. Vlocity Insurance takes advantage of the omnichannel capabilities of Salesforce to enable carriers, agents and brokers to manage client relationships, policy/annuity portfolios, renewals and claims across their clients and producer networks. It is designed for P&C personal lines, P&C commercial lines, individual life and annuities, and employee group benefits. Vlocity is a member of ACORD.
Vlocity Health Insurance
A modern, enterprise-scale suite of Group, Individual and Medicare plan selection and renewal industry cloud and mobile software. Vlocity Health Insurance takes advantage of the omnichannel capabilities of Salesforce to enable health plans, third party administrators, and producers to automate the plan selection and renewal process across health benefits segments.
"Vlocity is the harbinger of further investment in vertical applications that enable customers to leverage the ROI benefits of cloud while supporting increasingly complex business requirements and processes," said Rebecca Wettemann, VP Research, Enterprise Applications, Analytics and Cloud, Nucleus Research. "Pre-built industry solutions, such as Vlocity's, accelerate time-to-value and make it more predictable -- while leveraging the market-leading core CRM, cloud platform, and maintaining the seamless upgrade advantages of Salesforce."
Vlocity was founded by former Siebel Systems founding executive David Schmaier and Veeva Systems co-founders Craig Ramsey, Mark Armenante, and Young Sohn along with Netsuite's former worldwide sales leader James Ramsey. Jeff Amann, also a former Veeva board member and long-time Siebel Systems executive, serves as Vlocity's COO. To enable deep product integration and technical cooperation with its partners, Vlocity headquarters are located at 50 Fremont St. in downtown San Francisco, California.