Chicago-based SAVO Group, the maker of an on-demand sales enablement platform, is being acquired by San Diego-based B2B marketing tech company Seismic, the companies announced Tuesday.
The acquisition will help Seismic extend its product offerings by adding SAVO’s engineering and development teams to its staff. Exact terms of the deal were not disclosed, but Seismic will be bringing over about 75 of SAVO's employees. The company had 120 before the acquisition.
SAVO will keep its office in the Merchandise Mart and Seismic’s existing Chicago office of about 15 people will move into it, the company said. Once combined, Seismic will employ more than 450 people and serve more than 500 customers worldwide, including Getty Images and Capital One.
Doug Winter, the co-founder and CEO of Seismic, will lead the combined companies going forward. SAVO's leadership team has "decided to seek other opportunities," according to Seismic representatives.
“We are excited to be joined by SAVO Group’s customers and team as we embark on this next exciting phase of Seismic’s growth,” Winter said in a statement. “Regardless of industry or geographic location, the need to ensure that sellers are interacting with buyers in the most beneficial and productive way possible has become recognized as a boon to accelerating sales cycles.”
SAVO, founded in 1999, has raised about $84 million to date in venture and debt from investors like Goldman Sachs, Sterling Partners and SAP Ventures. Last year, it acquired KnowledgeTree, which also made a sales enablement technology.
Through machine learning and analytics, Seismic’s platform continuously improves the entire enablement process for large companies, increasing the return on investment of sales content. Founded in 2010, Seismic says it has seen revenue grow by 97 percent in the last year and has raised $75 million in VC funding to date.
