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Vlocity

Vlocity

VLocity was a San Francisco-based developer of cloud CRM apps founded in 2014 by James Ramsey, Mark Armenante, Craig Ramsey, David Schmaier, Jeff Amann and Young Sohn.

Vlocity was a developer of a cloud-based software intended to deliver industry-specific customer experiences. The company's software provided cloud applications that helped companies to deliver unified, industry-specific customer experiences in customer-centric industries. Vlocity served companies in the communications, media and entertainment, energy and utilities, insurance, health, and government industries. Vlocity was built on the Salesforce platform.

Services

Vlocity's cloud-based and mobile applications were built on Salesforce's Customer Success Platform. The applications had pre-embeded industry-specific functionality, best practices and business process to make adoption and integration easier. Vlocity's service worked to increase sales, service and marketing capability, operational efficiency, and digital adoption for client companies. The market and industry-specific applications Vlocity offered were intended to increase customer retention, increase accuracy in quoting and ordering, including increasing the speed of quoting and ordering, and offer their customer companies a way to develop and increase these metrics without investing in development for their software or cloud-based solution.

Communications

In the Vlocity communications CRM cloud, the company offered companies B2B revenue growth tools and tools to help accelerate time to market, including converged services offers to help the company capture quotes and orders, manage contracts and offer order fulfilment. The company offered the tools to help clients develop a digital-first experience.

Media

For their offering to companies in the media industry, Vlocity included subscriber management systems, including transaction systems for video and audio streaming, B2C publishing, gaming, and new digital media. The company offered tools for monetizing streaming content and digital media, and tools for content right sales and syndication.

Energy and Utilities

For companies in the energy and utilities market, Vlocity's offering included connected customer support services simplifying the customer's view. The company offered customer engagement tools for customers across social media, web, mobile, and contact center and offered customer service agents easier access points.

Insurance

For the insurance industry, Vlocity offered digital transformation tools, which worked to create a seamless digital platform for quoting, policy administration, claims management, service, and billing. The offering was designed specifically property and casualty, life and annuities, and employee benefits segments of the insurance industry.

Health

For the health industry, Vlocity offered digital transformation tools to bring legacy systems and manual processes which are common in the health industry to the cloud. Further, the platform offered users an enterprise front and middle office systems that work to address the complexities of selling, onboarding, and servicing health plans.

Public Sector

Vlocity offered companies in the public sector, including federal, state, local agencies, and non-profits a customer relationship management platform to help them interact with clients. The system offered those in the public sector the tools for brining legacy applications online and into the cloud.

Deloitte partnership

In March 2020, Deloitte and Vlocity announced a partnership for 5G adoption and digital transformation for the media and entertainment industry. The collaboration was intended to help companies in the industry with subscriber lifecycle management, digital commerce, and B2B advertising sales and services.

Salesforce acquires Vlocity

In February 2020, Salesforce acquired Vlocity for $1.33 billion in an all-cash deal. The deal allowed Salesforce to add Vlocity's industry-specific CRMs on top of Salesforce existing offerings. The acquisition made sensor for Salesforce, as Vlocity was developed on Salesforce's platform, and Salesforce Ventures was a major investor in Vlocity. Ray Wang, founder and analyst at Constellation Research, on the acquisition of Vlocity, said:

Vlocity on its own doesn't have as big a future without Salesforce. They have to be together. So Salesforce doesn't need to buy them. They could keep building out, but it's better to buy them.

Timeline

February 1, 2021
Salesforce promotes former Vlocity CEO David Schmaier to president and CPO.
March 11, 2020
Deloitte and Vlocity Announce New Joint 5G Media Solutions
February 25, 2020
Vlocity acquired by Salesforce for $1.33 billion, after Vlocity reaches a $1 billion valuation.
February 19, 2020
Vlocity ranks among fastest-growing private companies in California.
July 30, 2019
Kcom selects Vlocity cloud platform to streamline business processes.
May 19, 2019
Vlocity has become one of the most successful apps on Salesforce.
March 26, 2019
$60M Series C on $1B valuation
March 26, 2019
Vlocity raises a $60,000,000 series C round from Accenture, Bessemer Venture Partners, New York Life Ventures, Salesforce Ventures and Sutter Hill Ventures.
June 11, 2018
Vlocity Launches New Program to Enable Partners to Advance Industry Solutions on Salesforce
May 15, 2018
Vlocity Launches Automated Claims Features to Expand End-to-End Insurance Policy Lifecycle Management
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Funding rounds

People

Name
Role
LinkedIn

Further reading

Title
Author
Link
Type
Date

Accenture, Vlocity Expand Partnership for Cloud Packages on Salesforce | eWEEK

Chris Preimesberger

Web

November 8, 2017

Salesforce grabs Vlocity for $1.33B, a startup with $1B valuation

Ron Miller

Web

February 26, 2020

Vlocity Launches Automated Claims Features to Expand End-to-End Insurance Policy Lifecycle Management

Vlocity, Inc.

Web

May 15, 2018

Vlocity predicts explosion of cloud-based mobile services

Ray Le Maistre

Web

June 1, 2020

Vlocity: Powering the Future of Salesforce Industries - Salesforce News

Bret Taylor

Web

June 1, 2020

What Is Vlocity? Supercharging Salesforce for Industries | Salesforce Ben

Web

August 21, 2020

Documentaries, videos and podcasts

Title
Date
Link

How Vlocity and Salesforce work together

May 12, 2020

How Vlocity Can Help Create Better Customer Experiences | Salesforce | Cognizant

December 5, 2019

Vlocity: The Thought Leader in the Insurance Cloud | Digital Insurance Agenda | Accelerate Innovation in Insurance

March 23, 2017

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Ron Miller
June 1, 2020
TechCrunch
When Salesforce announced it was acquiring Vlocity for $1.33 billion in February, it was a deal that made sense for both companies. Today, the company announced that the deal has closed and Vlocity CEO David Schmaier has been named CEO of a new division called Salesforce Industries. Vlocity has built several industry-specific CRM tools such [...]
Ron Miller
March 26, 2019
TechCrunch
As we wrote last week in How Salesforce paved the way for the SaaS platform approach, the ability to build extensions, applications and even whole companies on top of the Salesforce platform set the stage and the bar for every SaaS company since. Vlocity certainly recognized that. Targeting five ve...

References

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