San Francisco-based Vlocity Inc, a cloud software company, has secured $42.8 million in funding. Salesforce Ventures led the round with participation from Accenture.
San Francisco, Calif. – April 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, a leading global management consulting and technology services 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 omni-channel 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 omni-channel 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.”
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 omni-channel 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 omni-channel 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 omni-channel 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.
For more information, please contact [email protected] or please visit www.vlocity.com.
About Vlocity, Inc.
Vlocity, a leading Industry Cloud software company with deep domain expertise in vertical applications, empowers companies to deliver a unified and industry-specific customer experience.
Vlocity Industry Cloud Apps are modern cloud and mobile software that embed industry-specific functionality, best practices and business processes for customer-centric industries. Built in partnership with Salesforce, the world’s #1 CRM company, Vlocity Industry Cloud Apps leverage the omni-channel capabilities of the Salesforce Customer Success Platform to enable companies to achieve faster business agility and time to value from the cloud.
Learn more at www.vlocity.com and follow us at @vlocityinc.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 319,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.
About Salesforce Ventures
Salesforce Ventures—Salesforce’s corporate investment group—invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage the expertise of the Salesforce Foundation to incorporate its 1-1-1 model of integrated philanthropy to make giving back part of their business model. Salesforce has invested in more than 100 enterprise cloud startups since 2009. For more information, please visit www.salesforce.com/ventures.