Start-up Floated By IIT(M) Alumnus LeadFormix Acquired For $9M
A four-year old start-up, LeadFormix was founded by US-based entrepreneur of Indian origin, Srihari Kumar. The IIT Madras alumnus who went ahead with an MBA from Wharton, worked with various companies like VXtreme, Microsoft, Yoddle, InMage Systems, TCS, RingCube Technologies, before founding LeadFormix.
LeadFormix is into marketing automation software with a solution that converts anonymous online visits into qualified sales leads, determines website visitor interest and intent and enables sales teams to reach decision-makers and close deals faster using patented business intelligence and data mining technology. It has offices in California, Michigan, England and India.
"Investment in innovative sales and marketing tools is a priority for all businesses. More qualified leads means more deals, and more deals means better sales performance," said Leslie Stretch, president and chief executive officer of CallidusCloud.
LeadFormix has 200 SaaS customers, that will boost CallidusCloud's total number of subscription customers to over 1100, extending its cross-selling opportunity.
"LeadFormix' focus on sales and marketing alignment together with CallidusCloud's sales collaboration portal, commissions and coaching solutions presents a huge opportunity. CallidusCloud's global reach coupled with their growing customer base will enable us to quickly capitalise on this opportunity," said Srihari Kumar, chief executive officer, LeadFormix.
While the overall deal is for $9 million, a portion of this is subject to a holdback in respect of the LeadFormix shareholders' indemnity obligations to CallidusCloud.