Finance and HR enterprise cloud platform Workday, Inc. has signed a definitive agreement to acquire configure price quote platform Zimit, giving the company a new way to help those in service industries.
Workday “will provide organizations with a comprehensive quote-to-cash process automation offering for services industries, including communications, media, technology and professional and business services,” according to the announcement. The combination will provide organizations increased visibility across the entire revenue cycle and will help further expand the Workday product portfolio that is enabling the office of the CFO to digitally transform.
The transaction is expected to close in the third quarter of Workday’s fiscal 2022, ending Oct. 31, subject to the satisfaction of customary closing conditions. Financial details were not disclosed.
“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,” said Pete Schlampp, executive vice president, product development, Workday, in the announcement. “Bringing Zimit into the Workday community is a natural fit and aligns with our mutual goal to automate complex finance processes.”
“We’ve seen the tremendous value Workday customers realize when they streamline manual processes and move their services quotes and pricing to the cloud with Zimit CPQ,” Zimit Co-founder and Co-CEO James Cramer said in the announcement.
“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,” he said.
In April, OneSource Virtual (OSV), a Workday Service partner, unveiled Single-Use Accounts (SUA): Invoice Pay + Supplier Management, its finance and accounting solution, which is powered by Single-Use Accounts (SUA), J.P. Morgan’s virtual card payments solution.