Seattle-based sales technology company Outreach announced Tuesday it has acquired Canopy.io, a revenue intelligence software company headquartered in Indianapolis.
Outreach co-founder and CEO Manny Medina said the company, which now has more than 1,000 employees, has folded Canopy's technology into a new product called Outreach Commit. The companies aren't disclosing financial terms of the deal, which has already closed.
"The beautiful thing about Canopy is that we bought it right before they were about to hit scale, so we didn't have to create duplicative work," Medina said. "They're a very young company, but young comes with both the good and the bad. It comes with the exuberance of youth, and it comes with very recent tech."
Canopy has nine employees and is growing. The team will not have to relocate, Medina said. Canopy's technology was available through a beta test, but Outreach plans to make the forecasting technology more widely available in the first half of next year.
Outreach was founded in 2014. The company's technology aims to help customer-facing reps with productivity and collaboration. Its clients include Adobe, Zoom and Okta. In June, the company raised $200 million and reached a value of over $4.4 billion.
Medina said Outreach is following health guidance from the governor when it comes to returning to the office. For now, Outreach's offices are open on a voluntary basis. Medina said the company will reevaluate its policies in January.
Despite having a small team, Medina said Canopy and Outreach have a similar culture when it comes to working closely with customers.
"They are small. They have a lot of grit," Medina said. "They were able to explain in a really succinct manner the 'why' of their product and why is it different in the marketplace. It really aligns with our 'why,' which is we build the product for the end user."
