Silver Lake Invests in the Company
Silver Lake, a prominent venture capital investor, led the Series E funding round in the business. The investor is far from alone. Additional investor support came from Thomvest Ventures, Tenaya Capital, Sequoia Capital, Sapphire Ventures, Madrona Venture Group, B Capital Group, and Bain Capital Ventures. The investment from Sequoia Capital is particularly significant since the Menlo Park-based investor has a track record of highly successful investments such as Apple, Google, Oracle, GitHub, PayPal, LinkedIn, and WhatsApp.
How Business Customers Use Clari
The startup company has attracted a significant following of customers already. Adobe, CarbonBlack (a cybersecurity company), GainSight, and Motus all use the platform.
Carbon Black (NASDAQ: CBLK) faced several challenges in predicting and reporting revenue accurately. As a result, ten sales managers and three hundred sales reps endured a scramble to report results every quarter. By using Clari, the cybersecurity company can now predict revenue with a 95% accuracy rate.
BigPanda, an AI company that helps business users automate IT operations, also uses Clari. “Clari has helped us consolidate a lot of the menial tasks we would do with spreadsheets,” Saad Shaikh, head of revenue operations at BigPanda, said in a video. According to Shaikh, BigPanda typically has a nine-month sales cycle, and Clari reduces the sales cycle.
Integrations Play a Role in Company Growth
Sales forecasting accuracy requires a significant amount of data from sales and marketing apps. Clari has developed integrations with many leading apps such as Microsoft, Outreach, Google, Marketo, Gong, and Dialpad. By integrating with these business tools, sales reps no longer have to enter data into multiple systems manually.
Usage Increases During the Pandemic
The sales forecasting business has seen usage increase as a result of the pandemic.” For us, the usage metrics were just off the charts, as people need visibility and predictability and control over their revenue forecasts," company co-founder and CEO Andy Byrne told Yahoo Finance.
In a sense, Clari benefits from business uncertainty trends that make traditional sales forecasting more difficult, especially for an enterprise business user. The revenue forecasting business is not a good fit for a small business or an ecommerce business where sales happen quickly.
Sales Forecasting Software Is Growing
Sales forecasting software is a relatively small niche in the business software market. According to Capterra, a business software review website, there are more than one hundred products in the category as of March 12. In contrast, there are more than nine hundred software products in the customer relationship management category. According to Verified Market Research, Zoho CRM, IBM, SalesLoft, SalesChoice, and Data Perceptions are key company players in the market.
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.