Workday to acquire CPQ leader Zimit

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Zimit will provide Workday customers with a fully automated quote-to-cash offering for the services industry. According to Workday, Zimit is one of the only configure price quote (CPQ) solution that is specifically built for the services industry.

Workday and Zimit announced this week that they have signed a definitive agreement under which Workday will acquire Zimit. Workday is a leader in enterprise cloud applications for finance and human resources. With this acquisition, 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. The combination will provide organizations with 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.

Delivering “operational efficiency and revenue visibility”

Services industries are driven by talent. But they have had difficulty in providing timely and accurate quotes, they say. This is because most CPQ solutions do not account for critical workforce and project elements such as roles, phases, tasks, and rates.

Many services quotes today derive from spreadsheets and documents outside of the core system,. This causes delays and errors that can impact the customer experience and prove costly for the business, according to Workday.

Workday says that organizations need CPQ technologies that help speed up the process and provide greater visibility. As one of the first commercial solutions specifically developed for services CPQ, Zimit expedites the creation of timely and accurate quotes and proposals. This helps reduce the time to quote from days to minutes.

In 2020, Zimit achieved Workday Approved Integration status. This provided customers with a seamless integration that connects Workday Professional Services Automation (PSA) and Zimit Configure Price Quote (CPQ).

The integration provides a services-centric quote and proposal. It then transitions it to Workday PSA to create the customer contract and project details. With the Zimit acquisition, Workday will be able to further innovate the CPQ process. They aim to deliver an end-to-end, quote-to-cash cycle in a single system for services industries.

Pete Schlampp, Workday executive vice president, product development, commented. “Bringing Zimit into the Workday community is a natural fit and aligns with our mutual goal to automate complex finance processes.”

James Cramer, co-founder and co-CEO, Zimit, agreed. “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.”