Simplus Raises $20 Million, Announces Global Expansion
Simplus, a leading CPQ (configure, price, quote) service provider, announced the closing of a $20 million Series C funding round, as well as the acquisition of Australia-based Salesforce partner Sqware Peg today. The move is intended to expand the company’s service options as a Salesforce quote-to-cash partner and provide complementary solutions valuable to their customers.
Kensington-SV Global Innovations (KSV) led the round and was joined by existing investors Salesforce Ventures, Cross Creek Advisors, and EPIC Ventures. Silicon Valley Bank will provide an additional $6.5 million in debt financing. This is the fourth time Salesforce Ventures has invested in Simplus, having contributed to their Series A and Series B rounds as well.
“With additional capital in hand, we aim to accelerate growth into new geographies, industries, and products,” says Ryan Westwood, CEO at Simplus. “As we look forward, we see acquisitions and future financing as playing a key role in strengthening our competitive positioning and international presence.”
One of those acquisitions is already in the works. Sqware Peg, another Salesforce Ventures-backed service provider with a suite of Salesforce offerings, has offices in Sydney and Melbourne and has become Simplus’ first international acquisition. The opportunity allows Simplus to expand their service offerings into the Asia Pacific.
“Sqware Peg is a pioneer in the APAC region,” says Mr. Westwood. “We are thrilled to work with the talented leadership of Sqware Peg and combine forces to further grow our presence and continue making an impact in the global Salesforce marketplace.”
The acquisition marks Simplus’ sixth investment in fellow Salesforce consulting partners, and the first time a Salesforce partner has acquired another Salesforce Ventures-backed partner as part of an international expansion strategy.
“This acquisition brings together two of our key portfolio companies to create a multi-regional SI, able to support the growth of the Salesforce Platform across regions,” says Matt Garratt, manager partner at Salesforce Ventures. “As we continue to see growth in APAC, Simplus will be able to utilize its strong methodologies and industry knowledge to deliver customer success.”
With new office space in downtown Salt Lake City complete with coworking space for Simplus customers and Salesforce partners as well as a state-of-the-art Salesforce training lab, Simplus is setting themselves up to scale. According to the company, the financing round and international acquisition are only the first steps.