Gong and Chorus Growing Rapidly During Pandemic

Gong, which closed on a $200 million Series D round earlier this month, is in one of the SalesTech segments that has benefited from remote working. Demand for conversational AI tools from vendors like Gong and Chorus that record, transcribe, and analyze meetings and calls accelerated with the pandemic.

“With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment,” said Gong CEO Amit Bendov.

“Gong’s Web site is like a direct view into the subconscious of those hyper-enthusiastic salespeople who make the rest of us nuts but get the job done.  The actual product is AI technology that captures video, phone, email, and face-to-face interactions and extracts insights about people, deals, and market events.  It must work: they just raised a $200 million Series D, bringing total funding to $334 million.  Did I mention their chatbot is a bulldog?”

David Raab, CDP Institute

Carl Eschenbach, a partner at Sequoia Capital, argued that firms benefiting from COVID fall into two classes, those that are enjoying a temporary lift and those that will enjoy long-term benefits due to social and technological shifts.

“There will be less [SIC] field sales reps than ever before.  Said Eschenbach. “People will be working remotely and selling over digital mechanisms like we’re using Zoom.”

While Gong did not disclose their revenue, they said it has trebled over the past year.  Forbes lists their 2019 revenue at $30 million so 2020 revenue should clock in around $90 million.

Gong has over 1,300 customers, including Autodesk, HubSpot, LinkedIn, MuleSoft, Outreach, PayPal, Shopify, Slack, Twilio, Zillow, GE, and Zoominfo.

Over 64,000 sales and support professionals use the Gong platform, up from 45,000 in December.

They recently launched a Deal intelligence module which provides deal pipeline visibility and “deal at risk” alerts to sales reps (see the image at the top of this blog).

Gong Partners include

  • Conference: Microsoft Teams, Zoom, Skype, BlueJeans, WebEx, GoToMeeting, JoinMe
  • ­­Sales Engagement: Outreach, SalesLoft, Groove, Xant, FrontSpin
  • CRM: Salesforce, HubSpot
  • Others: Slack, ClearSlide, Clari, Google, Outlook

“We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM,” said Bendov.  “The market has proven that prediction was correct.  With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment.  There is a new way to win in sales, and the best sales teams are turning to Gong’s Revenue Intelligence Platform to guide them down that path.”


Last month, Gong competitor Chorus closed on a $45 million Series C. The round was led by Georgian Partners, with participation from Emergence Capital, Redpoint Ventures, and Sozo Ventures.  Five-year-old Chorus has raised $85.2 million to date.  Georgian also led the $33 million Series B in December 2018.

The new funds will be deployed for product innovation and expanding its go-to-market team.  CEO Jim Benton said that they would continue to develop their interaction signal capture capabilities, particularly those tied to relationships and driving deals to close.

“The insights provided by conversation intelligence can be a lifeline, identifying risks as well as what is working so that they can replicate best practices across the revenue team,” said Benton.  “Sales floors in the office may be empty, but through the use of conversation intelligence, managers can still walk the floor virtually and offer coaching and a helping hand when needed.”

Chorus records, transcribes, and analyzes business calls.  Transcripts include time-stamped notes and a call summary with risk factors and upsell opportunities.  The Chorus platform helps reps capture and analyze interactions from calls, meetings, and emails.  Chorus looks for keywords and topics such as pricing, competitors, and next steps.

“We want to make sure each person says, ‘I was just watching the call, and here is where we left off,’ or ‘I noticed this theme in your conversation, so let’s get started there.’  We are putting the ‘R’ in customer relationship management.  There is a lot with the ‘customer’ and ‘management’ aspects, but in terms of ‘relationship,’ that does not always make it back into the CRM, and we think it should.”

Chorus.AI CEO Jim Benton

“We are continuing to make sure we are understanding these interactions for teams and leadership to see what works, so they bring their best,” continued Benton.  “You want to make sure you represent the best of your team, give feedback, coaching, have the right messaging and which interactions drive the best close rates–all the science behind what success looks like.”

The firm doubled its headcount to 100 and trebled its revenue in 2019.  Chorus has over 200 customers, including GitLab, Zoom, Adobe, MongoDB, and Qualtrics.  It is headquartered in San Francisco with offices in Boston and Tel Aviv.

Chorus Conversational Intelligence records, transcribes, and analyzes audio and video meetings.

Correction: I originally transposed the digits on Chorus’ Total Funding. The correct value is $85.2 million.

Gong Series D

Revenue Intelligence vendor Gong closed on a $200 million Series D, raising its valuation to $2.2 billion.  The firm indicated that it didn’t need the funds as it is still operating with its Series B funds from February 2019 ($40 million).  The $65 million Series C from December is also available, providing the firm with over $265 million in cash for growth and potential acquisitions.  Total funding reached $334 million.

“We weren’t looking to raise another round, but a lot of funds were eager to invest in us,” said Gong CEO Amit Bendov, contending that it is better to raise funds when they are available than when they are needed.

“It gives us the ability to buy companies, make strategic investment, accelerate plans, and it also, especially since we cater to large enterprise customers, gives them confidence that this company is here to stay,” he said.

The additional funds will help the firm “fulfill strong market demand for its Revenue Intelligence Platform, reinforce its market leadership, and invest in its product, engineering, and go-to-market teams.”

While an IPO is in the plans, Bendov sees it two to three years out when revenue hits a few hundred million dollars.  

Potential areas of acquisition include analytics, AI, communications, and other customer-facing technologies.

“Gong is building something that is bigger than CRM. Rather than rely on people to type in information, Gong automatically captures text, Zoom calls, etc., and improves sales forecasting, product, and market strategy, with zero effort.  Ultimately, we are creating a big system.  The product is successful today, but still, more is needed.”

Gong CEO Amit Bendov

In 2021, Gong plans to expand globally.  It has 350 employees with plans to add “hundreds” more over the next year and at least 100 before the end of 2020.  They are looking to expand across finance, human resources, sales, marketing, and IT.  Most of their positions are in the Bay Area, with offices in Atlanta, New York, and Denver.

“A lot of our San Francisco employees wanted to move to Atlanta after we opened our hub there [in March], said Bendov.  “It’s difficult to work from home in San Francisco, where you have five roommates, and you need to do a Zoom call.”

Coatue led the Series D round, with participation from Index Ventures, Thrive Capital, and Salesforce Ventures.  Previous investors NextWorld Capital, Battery Ventures, Norwest Venture Partners, Sequoia Capital, and Wing Venture Capital also participated.


Part II of this blog delves further into Gong’s product offering and how they and competitor Chorus have navigated COVID.

6Sense Round C

Account Based Orchestration platform 6Sense closed a $40 million Series C round with growth equity firm Insight Partners, raising its total funding to $105 million.  Previous investors include Salesforce Ventures, Venrock, Battery Ventures, and Bain Capital Ventures.  The market cap was not disclosed.

6Sense doubled its revenue in both 2018 and 2019.  Last year, it added Box, Cisco, Dell, Zendesk, Sumo Logic, NetApp, Domo, Motorola, Cumulus, Symantec, and Tableau to its list of named customers.

“As a startup, a company can sell via personal relationships and word of mouth.  In the scaleup growth phase, the equivalent is Account-Based Marketing and Sales,” said Jeff Lieberman, Managing Director at Insight Partners.  “After an exhaustive review process, we were blown away by the data-focused sophistication of 6sense’s technology and firmly believe it is the best solution for B2B companies who need to scale their go-to-market efficiency and grow revenue.  The company’s account-based solution should be a core part of every scaleup company’s growth strategy.  We’re excited to invest in 6sense as the market-leading solution.”

“An investment is a sign that we’ve done something over the past 2 ½ years,” said 6Sense CEO Jason Zintak.  “Investing is confidence, and it’s just so incredibly humbling that we as a team, as a company, have gotten to the point where people want to trust us and hand over money.”

Zintak attributed the firm’s success to the belief that AI and Big Data are at the core of the MarTech stack:

Our strategy has always been to lead in those areas, specifically 6sense’s ability to

    – Process large amounts of data and deliver actionable insights
   – Segment micro-audiences based on these data insights
   – Uncover anonymous buyer intent and identify accounts
   – Predict which accounts are an Ideal Customer fit, and when they are “in market,” allowing organizations to focus engagement on accounts most likely to buy

6sense has evolved from delivering predictive scores to providing customers with a robust Account-Based platform for the entire revenue operations team.

6Sense CEO Jason Zintak

The investment will be dedicated to accelerating its product roadmap, “both organically and inorganically.”  Zintak listed three roadmap objectives:

  1. Improved orchestration, which moves from rules-based engagement to “true AI-based orchestration of tactics.”
  2. Expanding intent and predictive data use cases beyond email to include website personalization, content experiences, advertising, conversational marketing, etc.
  3. Delivering insights to all revenue operations functions, including marketing and customer success.

The firm lists 37 open positions across customer success, engineering, data science, administrative, marketing, sales, and product.  6Sense has shown steady employment growth over the past two years.  Roughly half of the employees are in revenue generation roles (Sales, Support, Marketing, and Business Development).

“Our mission is to tackle the biggest challenges facing B2B sellers and marketers by helping brands reach the right accounts for their business at the right time, through the right channels, and with truly engaging experiences,” said Zintak.  “Our company growth has been fueled by the success of our customers, and our Series C funding will enable 6sense to further invest in AI-driven orchestration capabilities to help companies of all sizes build and scale account-based programs, uncover new opportunities, and efficiently create pipeline and revenue.”

6Sense competitors include Everstring, Demandbase, LeadSpace, and Lattice Engines (Dun & Bradstreet).

Vidyard Closes $15M Financing Facility

Vidyard Logo

Before Christmas, video platform Vidyard closed on a $15 million financing facility with the BMO Technology & Innovation Banking Group.  Vidyard has raised $75.7 million in debt and equity financing to date (see Crunchbase Pro chart on the bottom) and was recently ranked number 39 on Deloitte’s Canada Fast 50.  

The funds will “help Vidyard remain focused on innovation and product development while financing strategic M&A & Global Expansion activities so that the company can continue growing, scaling, and providing customers with the most robust user experience possible.”

Vidyard has partnered with a wide set of sales engagement platforms, including Outreach, SalesLoft, ConnectLeader, Groove, XANT, and VanillaSoft.  Other partners include Salesforce, HubSpot, Marketo, Eloqua, Drift, Outlook, and MailChimp.  Partners have cited a 2 to 3X improvement in open and click-through rates due to personalized videos embedded in emails.  Reps can quickly record a one-to-one video or embed a marketing video.

“Vidyard continues to make a global impact and is currently serving more than 50 million videos per day.  With the accelerating trend of the world’s most innovative businesses turning to video to power their marketing, sales, and internal communications strategies–tomorrow, that number is on a trajectory to exceed 1 billion,” said CEO Michael Litt.  “We’re excited to be working with BMO’s Technology & Innovation Banking Group to help finance strategies intended to support our journey in becoming the dominant video platform provider that the world’s most successful businesses rely on.”

Vidyard customers include Honeywell, LinkedIn, Citibank, and Sharp. A recent study of 218 B2B sales and marketing professionals found the top five uses of video within an organization are brand awareness (67%), lead generation (63%), customer education (63%), buyer education (58%), and sales enablement (54%).  Website distribution was the most common channel (79%), followed by email (67%), LinkedIn (63%), YouTube (60%), and landing pages (59%).  40% of respondents indicated that sales reps were deploying one-to-one videos.  Heinz Marketing and Vidyard conducted the survey.

Vidyard closed a debt financing round on December 20, 2019 (Source: Crunchbase)

Cognism Series B

Cognism logo

Sales Acceleration Platform Cognism closed on a $10 million Series B from PeakSpan, bringing total funding to $16.5 million.  Previous investors included Oliver Wyman, South Central Ventures, LCIF, and Newable Ventures Limited.  The firm, founded in 2016, grew ARR over 4x last year.  

The funds will be deployed for opening local offices in Singapore and New York City as well as growing its machine learning team.  According to CEO James Isilay, the firm has already “won significant business remotely” in both regions.

Isilay called Asian expansion “particularly interesting” due to SaaS being relatively young in the market.  Cognism has already leveraged its partnership with investor Oliver Wyman to acquire two “blue-chip financial clients” in Asia.  “Investment here looks to be a promising tonic to the barriers to trade growth that are disrupting business in Europe and America.”

“Having been granted our first machine learning patent in December 2018, Cognism is now building a portfolio of IP which will drive the next evolution of sales and marketing technology,” said Isilay.

“Sales and marketing technology has been a core focus of ours for many years, arming us with a long-term perspective on the segment and a nuanced understanding of market trends and buyer dynamics that drive strategic value.  With such a proliferation of tools and technologies emerging across the marketing and sales landscape over the last decade, it’s no secret that go-to-market leaders today aren’t asking for more software tools – they’re demanding better outcomes.  Cognism’s pragmatic application of AI, which underpins the whole solution suite, is paving the way for a new category focused on turning disparate data points into coordinated insights to drive predictive and prescriptive lead generation and improve conversion across all engagements.”

▪ Matt Melymuka, Co-Founder and Partner at PeakSpan

The Cognism database spans 400 million contacts and 10 million businesses.  Cognism’s products support Prospecting, Sales Triggers, and CRM Enrichments.   CRM Connectors are available for Salesforce, Microsoft Dynamics, HubSpot, and PipeDrive.  A cadence tool sends templated emails through Gmail and Outlook.  

Marketing Features include A/B testing, Personas, ICP and TAM Analyses, and webform enrichment.

Cognism for Salesforce supports lead prospecting, contact enrichment, and ongoing data maintenance.

People.ai Round C

San Francisco-based Revenue Intelligence vendor People.ai announced Round C funding of $60 million along with the launch of its new The Wire next-best-action (NBA) service.  The round was led by ICONIQ Capital with participation by Andreessen Horowitz, Lightspeed Venture Partners, GGV Capital, and Y Combinator.  Will Griffith, Partner at ICONIQ Capital, has joined the People.ai Board of Directors.

People.ai has received $97 million in funding to date.  Its valuation was not provided, but TechCrunch placed the valuation at “mid-nine-figures.”

“Today’s announcement of our Series C funding represents a critical milestone in achieving our vision for the Future of Work,” said People.ai CEO Oleg Rogynskyy.  “We’ve already enabled customers to, for the first time, capture all of an organization’s critical business data, such as contacts and customer activity data, and deliver it directly to the CRM.  This has significantly improved sales productivity and CRM data accuracy and liberated the enterprise from time-consuming manual data entry.  Today, we’re taking People.ai to the next level with AI-driven intelligence that provides customer-facing teams with a simple, personalized set of actions based on current, historical and industry data that will help accelerate revenue.  When you use The Wire, you’ll have your most productive day at work, every day.”

People.ai was founded in 2016 and already supports Red Hat, Lyft, Zoom, New Relic, and Splunk.  The firm describes itself as a Revenue Intelligence System:

“People.ai offers the industry’s only Revenue Intelligence System (RIS) that automates the capture of all contact and customer activity data, dynamically updates CRM and provides actionable intelligence across CRM, collaboration, business intelligence, and other management tools for sales, marketing, customer success and services teams – exponentially accelerating growth and delivering actionable insights for strategic business decision making.”

People.ai Website

People.ai fills out buying committees for active opportunities, maps contacts and interactions to accounts and opportunities, and suggests next best actions.  Applying natural language processing and machine learning to buying committee discovery and NBA are the latest advancement in sales and marketing intelligence.

People.ai also supports contact updates derived from email signatures and pulls “critical information” such as product or competitor mentions, sentiment, and buyer intent.

People.ai’s recently launched Campaign360 service supports marketing attribution by tracking opportunities influenced or generated by marketing activities.  Campaign360 is the “industry’s only AI-based solution that equips Marketers with the real-time, full funnel campaign visibility they need at their fingertips,” said the firm.

“We’re thrilled to partner with People.ai as they execute their vision to unleash the potential of AI to drive enterprise revenue,” said Griffith.  “People.ai is well positioned in a highly strategic enterprise market, leveraging automation and AI to fundamentally change the way people work.  People.ai’s product, powered by strong network effects, is delivering insights and productivity at the scale and quality we have not seen previously.  We see an incredible opportunity to accelerate People.ai’s game-changing technology as they redefine the meaning of the Predictive Enterprise.  People.ai is the Future of Work.”

Partners include Salesforce, Slack, Outreach, SalesLoft, Exchange, and G Suite.


On Monday, I will be covering The Wire, People.AI’s new Next Best Action service.

VanillaSoft Closes $4M Funding Round

US sales engagement vendor VanillaSoft received a pair of investments from Quebecois agencies totaling $4 million.  A $1 million loan from Canada Economic Development (CED) for Quebec Regions was announced last month followed by a $3 million equity investment from the Fonds Régional de Solidarité Outaouais (FRSO).  The round supports their operations in Gatineau and will fund thirty new positions focused on artificial intelligence functionality.  Hiring will be expanded in the R&D and sales functions.  The loan will also be directed towards marketing campaigns in Europe and Oceania.

“Digital technology is changing the way things are done around the world and providing companies with outstanding development opportunities,” said Greg Fergus, Member of Parliament for Hull-Aylme.  “Not only is VanillaSoft helping the Outaouais region build a reputation as a leader in the field of artificial intelligence, but its expertise and the innovative technology it continues to export will allow it to create 30 jobs.”

“The financial support and incentives provided by the Government of Canada allow companies like VanillaSoft to thrive,” said Hood.  “We have the opportunity to develop new markets and services and appreciate the continued support from CED for our local employees as we promote sales and business here in Quebec and beyond.”

VanillaSoft was founded in New Orleans in 2003 but shifted its operations to its Canadian subsidiary following Hurricane Katrina. CEO David Hood recognized the early help from CED and FRSO to help stabilize the firm:

“Katrina hit and wiped out the office in the U.S., and it’s the office here that grew. This would have been a company that was completely in the U.S. Instead, the majority of the employees are up here, the revenues are up here, and it’s Canada that quite honestly is really benefiting from it.”

CEO David Hood

VanillaSoft is the third major sales engagement firm to receive a funding round in the past month. Outreach and SalesLoft both received significant rounds in April.

Key features include sales cadences, email templates, VOIP dialing, call scripting, call recording, SMS marketing, SMS chat, analytics, lead scoring, and appointment setting.

Recent enhancements include geographic functionality and Vidyard GoVideo integration. New Geographical Information System (GIS) capabilities include proximity routing, directional routing, geolocation filters, and automated time zone features.  The new GIS functionality helps field sales reps maximize their client and prospect routing.

VanillaSoft noted that, “with many sales reps clocking far in excess of 25,000 miles per year, the ability to group accounts by area and conduct efficient outreach is critical.”

Directional routing provides reps with optimized maps for visiting leads.  The feature is assisted by proximity routing which identifies leads by radius around a ZIP code or a point.  For example, a sales rep can identify leads within a fixed distance of a prospect.

Geolocation filters employ geocodes for customer mapping, helping sales operations group leads by city, neighborhood, and street for lead assignment.  VanillaSoft also looks at the rep’s calendar to call out nearby appointments which may warrant rescheduling to optimize field sales rep planning.

“You can work either with latitude and longitude, or with ZIP code. This gives companies a functionality that I’m not aware is available on any other sales engagement platform. For appointment setting, for companies that have salespeople out on the road, and also for understanding where your customers and prospects are and to be able to target them geographically, this is an incredibly powerful functionality,” said Hood.

The firm also announced that Vidyard’s GoVideo personal video messaging service will be integrated into VanillaSoft.

“Making a human connection between salespeople and their prospects is critical for sales success,” said Vidyard CEO Michael Litt. “We know video is a powerful tool for sales engagement and leaders in the space like VanillaSoft see the potential of this technology for their users.”

SalesLoft Round D

SalesLoft Round D
SalesLoft Round D

On the heels of Outreach’s $114 million Series E, SalesLoft landed a $70 million round D led by Insight Partners with participation from HarbourVest Partners, Emergence Capital, and LinkedIn.  Total funding reached $145 million.

While the market valuation was not disclosed, TechCrunch indicated that the valuation was around $600 million.  Last year’s Round C valued the firm at $250 million.

“As the creators of the Sales Engagement category, we’ll use this investment to continue leading the innovation that has come to define the category,” blogged CEO Kyle Porter.  “This means investments in our ecosystem API, the mobile application, and our AI-powered sales coaching network.”

Porter laid out a vision for The Sales Coaching Network of full-time digital assistants which “gathers data from our network of distributed sellers and identifies what works and what doesn’t.”  

The Sales Coaching Network “learns best practices, proven effective across a variety of situations.  It identifies those outlier cases where a creative seller finds a new, better solution, and adds those techniques to its coaching.  This allows others to learn from the experience of those more creative sellers.”

Coaching advice will be tailored to individual sellers and their current activities.  According to Porter’s vision:

The Sales Coaching Network brings out the best in every authentic human-to-human interaction.  Sales can never be fully automated, but machines can coach humans in ways that improve our ability to deliver the customer with the best sales experiences while making decisions that allow them to generate the most revenue.

The additional funds will also be directed towards expanding their services team, certified partner network, professional services, and global support.

Over the past few years, SalesLoft has evolved from a cadence service to a multi-channel communications platform which supports inbound and outbound leads, meeting management, analytics, and a partner ecosystem.  Its top partner, LinkedIn, is also an investor.

“We are seeing the highest usage in our LinkedIn integration among all the other integrations we provide,” said Porter.  “Our customers find that it’s the third most important behind email and phone calls.”

Porter called many of the sales tools on the market “dumb databases or repositories” which “are not focused on improving how to connect buyers to sales teams in sincere ways,” said Porter.  “And anytime a company like Salesforce has moved into tangential areas like these, they haven’t built from the ground up, but through acquisitions.  It’s just hard to move giant aircraft carriers.”

SalesLoft doubled revenues the past two years and recently opened an EMEA sales and support office in London.  Recurring revenue has grown ten-fold over the past three years.

Porter listed a set of reasons for Salesforce’s customer success including company purpose, reliability, adoption, and impact.  SalesLoft’s purpose is to elevate the sales profession and promote authentic selling:

SalesLoft exists to activate the authentic seller in all of us.  While some focus on simply sending more email, we focus on elevating the sales professional as a whole.  Today’s buyers deserve an incredible sales experience… one that is sincere, human, and relevant to their needs.  They want sellers to provide insights and solve their problems.  It’s essential for sellers to take a buyer-centric approach.  This is the heart of what we do.

Great sellers also need to be methodical and efficient.  At SalesLoft we’re dedicated to helping you codify a scalable and effective sales process so you can consistently hit and exceed your targets.

Reliability is based upon email deliverability, phone quality, and application speed.

Adoption is evidenced by their leadership position on the G2.com grid for Sales Engagement while impact was borne out by a recent Forrester “Total Economic Impact of SalesLoft” study which measured a 329% ROI, a 20% lift in Sales Qualified Leads to Opportunity Conversion Rates, and a 13% improvement in customer renewal rates.

“So many software companies build a product to meet a market need and then focus purely on selling.  SalesLoft is different.  This team is continually innovating, pushing the boundaries, and changing the face of sales,” said Jeff Horing, co-founder and MD of Insight Venture Partners.  “This is one reason the company’s customers are so devoted to them.”

Outreach Reaches Unicorn Status

Outreach Crunchbase Profile
Outreach Crunchbase Profile

Sales Engagement vendor Outreach achieved unicorn status following a $114 million round which valued the firm at $1.1 billion.  Total funding reached $239 million.  Round E was led by hedge fund manager Lone Pine Capital with Meritech Capital Partners and Lemonade Capital joining the round.  Also participating were previous investors DFJ Growth, Four Rivers Group, Mayfield, Microsoft Ventures, Sapphire Ventures, Spark Capital, and Trinity Ventures.

Outreach had a very strong 2018 and now has over 3,300 customers and 50,000 users.  The firm more than doubled its revenue last year and grew to 315 employees.  Outreach expects to close 2019 with 450 headcount and hit annualized recurring revenue of $100 million in the next year.

“This financing will enable us to infuse every aspect of the customer journey with the power of machine learning so organizations can identify the actions that move the needle in order to make better, faster decisions,” blogged CEO Manny Medina.  “We will also expand in the coming months by doubling our machine learning team, increasing our international footprint, and investing in our partner ecosystem, Galaxy, as well as our recently announced integration with Microsoft’s Dynamics 365 for Sales.”

Outreach offers Salesforce and MS Dynamics connectors and plans to release an SAP SE connector by year end.

It’s top competitor, SalesLoft, also received a large funding round. I will cover that tomorrow.

Dun & Bradstreet Privatization

Dun & Bradstreet Logo

Dun & Bradstreet completed its privatization Friday morning.  The firm is now controlled by CC Capital, Cannae Holdings, Bilcar, LLC, Black Knight, Inc. and funds affiliated with Thomas H. Lee Partners, L.P.  The original offer was tendered on August 8, 2018.

As previously announced, the firm will be led by new CEO Anthony Jabbour and new President Stephen C. Daffron.  William P. Foley II has been named the Executive Chairman of Dun & Bradstreet’s Board of Directors.

The new leadership team indicated that the mission of the firm, “to help our customers improve their business performance through data and insights,” is unchanged.  Likewise, there are no significant changes in direction. “We plan to invest in several key areas to strengthen our core data assets, create high-value analytics, enhance our technological capabilities, and deliver a top-notch customer experience.”

The firm is positioning privatization as a strategic advantage.  “We now have greater flexibility to build a competitive advantage in the vibrant market for data and insights; an edge that we are confident will benefit our customers. Now more than ever, we will have the opportunity to offer solutions to accelerate revenue, reduce cost, manage risk and transform businesses. We plan to invest in several key areas to strengthen our core data assets, create high-value analytics, enhance our technological capabilities, and deliver a top-notch customer experience.”

“For 177 years, our mission has been to help customers leverage data and insights to improve business performance. The next evolution of Dun & Bradstreet’s history will expand the value we bring to our customers around the globe. The journey ahead is a big one for all of us, and the potential, vast. Our executive team and employees around the globe are excited to work with our customers and partners on this next chapter in our iconic brand’s history.”


Dun & Bradstreet Announcement

Dun & Bradstreet was purchased by the investor group for $145 per share ($6.9 billion when including acquired debt of $1.5 billion)

Dun & Bradstreet posted $1.7 billion in 2017 revenue.  The firm employs 4,900 globally and provides risk management (supplier and credit risk) and sales & marketing services. Key product include RMI, D&B Hoovers, D&B Optimizer, and Audience Solutions. Its D-U-N-S Numbering system is the de facto global company numbering system and often required by banks and federal contracting. Other key assets include their global company linkages and the WorldBase file of 300 million active and inactive companies.