Workday to acquire CPQ vendor Zimit

Workday has announced intent to acquire Zimit, one of the only configure price quote (CPQ) solutions built specifically for services industries.

Zimit expedites the creation of timely and accurate quotes and proposals, helping to reduce the time to quote from days to minutes.

With Zimit, Workday will provide organisations with a comprehensive quote-to-cash process automation offering for services industries, including communications, media, technology, and professional services. The combination will provide organisations with increased visibility across the entire revenue cycle and will help further expand the Workday product portfolio.

The intended acquisition will enable Workday and Zimit to further innovate the CPQ process to deliver an end-to-end, quote-to-cash cycle in a single system for services industries.

Pete Schlampp, executive vice president of product development at Workday, said: “Zimit changed the game with its proprietary pricing engine and is one of the first — and only — companies to provide services quotes in a matter of minutes. Bringing Zimit into the Workday community is a natural fit and aligns with our mutual goal to automate complex finance processes.”

James Cramer, co-founder and co-CEO of Zimit, added: “We’ve seen the tremendous value Workday customers realise when they streamline manual processes and move their services quotes and pricing to the cloud with Zimit CPQ. By joining forces with Workday, we’ll continue to innovate with a leader in cloud finance software and further our mutual goal to drive finance and business transformation at scale.”

The transaction is expected to close in Q3 of Workday’s fiscal year 2022, ending 31 October 2021. Financial terms of the deal were not disclosed.