Formation 8 Factsheet: July 2014
Dear Friends of Formation 8:
Our team has had a productive quarter since our last note, with important progress in the portfolio.
On July 11, Salesforce announced the acquisition of RelateIQ for approximately $390 million.
We are honored to be part of RelateIQ’s journey from vision to execution. As you know, RelateIQ is an automated and powerful CRM platform transforming the way teams collaborate. We believe this is just the beginning of RelateIQ’s impact on the world and look forward to celebrating as the company continues to thrive in partnership with Salesforce. Congratulations to the co-founders Steve Loughlin and Adam Evans and the incredible team around them!
RelateIQ represents many qualities of a great company:
Talent & Domain Expertise: RelateIQ invests in a strong technology culture, attracting the very best engineers and designers; the team has recruited exceptional C-level leadership and surrounded themselves with seasoned advisors.
Product-Market Fit: The platform addresses critical pain-points for its customers, becomes embedded in core workflows (streamlined adoption curve with high switching costs once implemented), and has inherent network effects.
Solving Hard Technology Problems: The data scientists and engineers at RelateIQ have dealt with massive scale issues, leveraged NLP and statistics to create an impressive array of applications and infrastructure in a short time.
Formation 8 has supported the company as an early and eager customer and investor. Please see www.relateiq.com to sign up today!
Please see below for additional portfolio company news.