Workday said Wednesday it had agreed to acquire Zimit to add a “configure price quote” platform to its offerings for services industries.
Zimit’s software, one of the first commercial solutions specifically developed for services CPQ, expedites the creation of price quotes and proposals, helping reduce the time to quote from days to minutes.
Workday said the acquisition will “provide organizations increased visibility across the entire revenue cycle and will help further expand the Workday product portfolio that is enabling the office of the CFO to digitally transform.” Terms of the deal were not disclosed.
“Zimit changed the game with its proprietary pricing engine and is one of the first — and only — companies to provide services quotes in a matter of minutes,” Pete Schlampp, executive vice president for product development at Workday, said in a news release. “Bringing Zimit into the Workday community is a natural fit and aligns with our mutual goal to automate complex finance processes.”
According to Workday, companies in media, communications, and business services, which are talent-driven, “have been challenged to provide timely and accurate quotes because most CPQ solutions do not account for critical workforce and project elements such as roles, phases, tasks, and rates.”
“Many services quotes today are generated in spreadsheets and documents outside of the core system, causing delays and errors that can impact the customer experience and prove costly for the business,” Workday noted.
Zimit, which was founded in 2015, provides an online process, based on a solution catalog, guided selling, and a pricing engine, that automatically produces a quote. The software has been certified for integration with Salesforce and Workday.
“By joining forces with Workday, we’ll continue to innovate with a leader in cloud finance software and further our mutual goal to drive finance and business transformation at scale,” Zimit CEO James Cramer said.
Diginomica said that for Workday, the deal “continues to extend its portfolio of offerings that complement its core finance and [human capital management] applications. It’s also in line with the strategy of deepening its offering to specific industry verticals.”