Vlocity

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.