Quickly growing partnerships SaaS company Crossbeam, which raised a very Philly $76 million last year to accelerate growth, announced during its partnerships conference May 18 that it had acquired account-based networking tool Partnered.
The company was hosting the first-ever partnerships conference Supernode, a two-day Philadelphia event gathering roughly 250 partnerships pros from far-reaching SaaS companies, when CEO Bob Moore made the announcement. He explained in a blog post that founders Adam Michalski and Tim Sherwood had spent the last few years turning Partnered into a “value creation engine” allowing sales teams to “partner-powered” co-sell at scale.
The acquisition means Partnered’s functionality will be combined with Crossbeam’s partnership platform and allow for customers to map accounts, facilitate introductions and attribute partner-sourced deals within Crossbeam. The Philly company currently has a network of about 8,500 companies, Moore said in the blog post.
He went on to say that the acquisition was the “natural step” in the evolution of the company — they’d long envisioned a partner cloud that would allow data from Crossbeam’s network to be used and consumed by other platforms, he said. The move allows the company to amplify its impact and build its own network. The acquisition of Partnered comes as the companies have been building on top of Partner Cloud over the last few months.
“We’re thrilled to be joining forces with the Partnered team, and the fact that we were able to break the news here in Philly at Supernode made it even more special,” Moore said in an email to Technical.ly. “We’re grateful to our team, our hometown, and our amazing customer community for collaborating with us on such a special event — and more excited than ever for what’s next, especially with the Partnered team on board.”
Moore explained in his blog post that customers of both or either platform will continue logging into each separately for now, but long-term, Partnered will be incorporated into a “single experience” inside Crossbeam along with some new features and experiences. Financial details of the deal were not disclosed.
“I’ve said for many years that we’re ‘still in the first inning’ here at Crossbeam. This exciting acquisition marks the top of the second,” Moore wrote in his post. “There’s still a whole ballgame ahead of us, and we’re grateful to our team, our community, and our partners for all the hard work behind us and the excitement that’s still to come.”-30-