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Spiff, an automated commissions platform for companies, today announced it has raised $46 million in a series B round of funding from Lightspeed Ventures Partners, Salesforce Ventures, Stripes, and Norwest Venture Partners.
Founded out of Sandy, Utah, in 2017, Spiff is one of many platforms developed to automate sales commission payments, a challenge that is “magnified” in enterprises that have to deal with myriad complexities such as geographical spread and a multitude of commission program structures, according to Spiff.
How it performs
Companies connect Spiff to their buyer relationship management (CRM) platform, small business intelligence (BI) tools, or accounting and payment systems to automatically glean genuine-time sales information. While its pre-constructed integrations incorporate the likes of Salesforce, Looker, Snowflake, Quickbooks, and Stripe, the firm also follows an API-very first philosophy which opens issues to just about any information conduit.
It’s worth noting that Spiff also not too long ago announced a tie-up with Netsuite, Oracle’s suite of small business management tools spanning enterprise resource arranging (ERP), CRM and more.
“If you think about commissions, it sits at the center of CRM, ERP, HRIS, BI, and data lake systems,” Spiff founder and CEO Jeron Paul told VentureBeat. “These aren’t ‘Excel-oriented’ systems. These are object-oriented systems. So Spiff is perfectly positioned to connect to these systems, transform the data using Excel-like syntax to achieve complex mathematical and logical modeling, and automate processes.”
Through the no-code Spiff commission designer dashboard, providers can combine guidelines, variables, and circumstances about commission payments, so that when an employee meets particular pre-set criteria, they automatically get their dues. This can assistance any quantity of commission structures, like deal splits, ramps, and group roll-ups.
Managers can assign or un-assign sales reps to commission plans, with Spiff automatically adjusting the commission payable based on the dates they have been assigned to a deal.
The Salesforce issue
Adding Salesforce to its roster of investors is specifically notable, provided that pretty much 70% of Spiff’s consumers use Salesforce as their CRM. And alongside today’s funding, Spiff also announced that it has launched a new Spiff iframe for Salesforce.com, enabling consumers to see their commissions and calculations with out leaving the CRM.
Spiff has now raised about $60 million given that its inception, and although its most recent series B round ushered in some notable VC backers, it also attracted person investors like UiPath CEO Daniel Dines and Alteryx CEO Mark Anderson.
With its most recent money injection, Paul mentioned that the firm is prioritizing road map things that “put trust back into motivational compensation,” like adding new sales functionality management functionality and generating its core designer solution “more powerful and easier to use.” Other investments will incorporate machine mastering, sales forecasting and arranging integrations, rolling out deeper integrations with payroll, and more.
The raise also comes shortly immediately after rival CaptivateIQ also raised $46 million, suggesting that there is significant demand for technologies to assistance providers handle their commissions.
“As far as what is driving investor interest, it’s a combination of factors — it’s a large market that desperately needs innovation with a lot of old-school legacy vendors,” Paul mentioned. “Commissions represent 10% of the typical company’s budget, and investment in sales reps remains one of the best ways to grow revenue. So there’s little doubt sales commissions are a critical area to get right. So many finance people are pulling their hair out with manually intensive, error-prone processes that end up demotivating sales teams.”