Apttus Acquisition, Valuation, Funding & Investors

Apttus was acquired by Conga in May 2020.

Apttus acquisition price

Undisclosed

Acquired by Conga · May 2020

Apttus revenue

$120M

Series C · Sep 2015

Cumulative funding Apttus raised

$329M

across 5 funding rounds

Key investors in Apttus

  • ICONIQ Capital
  • Salesforce Ventures
  • K1 Investment Management
  • Premji Invest
  • IBM
  • IBM Ventures

Apttus Overview

About Apttus

Apttus is a Redwood City-headquartered SaaS provider of Quote-to-Cash applications built on the Salesforce platform. The company streamlines configure-price-quote processes, contract management, subscription renewals, and revenue recognition for global enterprises. Apttus integrates X-Author technology for Microsoft Word and Excel compatibility with Salesforce data. Its solutions serve sales organizations in technology, manufacturing, and media industries seeking end-to-end revenue cycle automation.


Founded

2006

HQ

United StatesSan Francisco, CA

Website

apttus.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$120M (Sep 2015)

Valuation

$1.3B (Sep 2016)

Apttus Acquisition

Apttus was acquired by Conga for an undisclosed price on 7 May 2020.

Before the acquisition Apttus had raised $329M across 5 funding rounds.

The search results describe the opposite transaction: Apttus acquired Conga in May 2020, not Conga acquiring Apttus. In this actual deal, Apttus (a quote-to-cash software vendor backed by private equity firm Thoma Bravo) bought contract lifecycle management specialist Conga for a reported $715 million. The combined company operated under the Conga brand and brought together complementary product offerings including CPQ, CLM, document generation, process automation, and eSignature capabilities. The merged entity had roughly $400 million in annual GAAP revenue and over 10,000 enterprise and mid-market customers. Frank Holland, previously CEO of Apttus, led the go-forward company, while Conga's former CEO Matthew Schiltz joined the Board of Managers. Thoma Bravo remained the lead strategic investor with Insight Partners, which had previously owned Conga, retaining a material ownership stake.

Apttus acquisition details
AcquirerDateType
7 May 2020Strategic M&A

Apttus Valuation

Apttus is currently valued at $1.3B, based on its Series D in September 2016.

The $88M round was led by Gulf Islamic Investments LLC (GII), with participation from K1 Speed and ICONIQ Capital.

Apttus' valuation has grown 1.3x from $1B at its Series C in September 2015 to $1.3B in September 2016, across 2 priced rounds.

Apttus valuation by funding round

Revenue multiple
Apttus valuation by funding round
DateStageValuationRevenue Multiple
Sep 2016Series D$1.3B-
Sep 2015Series C$1B8.3x

Apttus Revenue

Apttus' latest recorded revenue is $120M, as of its Series C in September 2015. At a $1B valuation, that implies a 8.3x revenue multiple.

Apttus revenue by funding round

Apttus revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2015$120M$1B8.3xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Apttus Funding History

Apttus has raised a total of $329M across 5 funding rounds.

Apttus' first fundraising round was a $37M Series A in September 2013. The most recent completed round was a $55M Series E in September 2017.

Apttus funding rounds

Apttus funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2017Series EPremji Invest (lead); Salesforce Ventures; ICONIQ Capital; K1 Investment Management; IBM Ventures; IBM$55M--
Sep 2016Series DGulf Islamic Investments LLC (GII) (lead); K1 Speed; ICONIQ Capital$88M$1.3B-
Sep 2015Series CKuwait Investment Authority (lead); Salesforce Ventures; ICONIQ Capital; K1 Investment Management$108M$1BApttus, a San Mateo-based provider of Quote-to-Cash solutions built on the Salesforce platform, raised $108 million in a Series C funding round in September 2015 led by Kuwait Investment Authority, with participation from Salesforce Ventures, Iconiq Capital, and K1 Capital. This followed a $41 million Series B in February 2015 and a $37 million Series A in September 2013, bringing total funding to $186 million. The company reported a revenue run rate of $120 million for its current fiscal year ending around 2015, with claims of over 100% annual growth previously and 80-96% customer retention. Apttus served over 500 customers including 70 Fortune 500 companies like GE, HP, Salesforce, and PayPal, with more than 450,000 users globally, and planned to expand headcount from 900-1,000 to 1,400 employees, focusing on sales. Apttus bootstrapped profitably for its first seven years since 2006, generating multi-million dollar revenues including over $50 million as of 2013, before raising external capital to capture the growing Quote-to-Cash market, estimated by Gartner at $31 billion in 2015 expanding to $41 billion by 2018. Its products include Configure Price Quote, Contract Management, Renewals, Revenue Management, E-commerce, and Analytics, targeting industries like manufacturing, life sciences, financial services, and telecom. Funds were earmarked for new solutions, international expansion, vertical growth, and R&D. CEO Kirk Krappe indicated the financials were IPO-ready, with potential for a 2016 public offering, though no pressure from late-stage investors. The company highlighted large average deal sizes exceeding some top cloud peers like Workday and NetSuite, and deep Salesforce integration, with Salesforce Ventures making its largest non-acquisition investment.
Feb 2015Series BSalesforce Ventures (lead); ICONIQ Capital; K1 Investment Management$41M-Apttus is a Quote-to-Cash software company founded in 2006 that helps businesses manage the second half of the sales cycle, including quotes, contracts, proposal management, contract management, and revenue collection. The platform is built on top of Salesforce's Salesforce1 platform and serves as a complementary tool to Salesforce CRM. By early 2015, Apttus had grown to approximately 400 employees and served more than 300 of Salesforce's enterprise customers, including 70 of the Fortune 500. In February 2015, Apttus raised $41 million in Series B funding led by Salesforce Ventures, with participation from K1 Capital and Iconiq Capital. This brought the company's total funding to $78 million and was described by CEO Kirk Krappe as the largest investment Salesforce had ever made in a company it was not acquiring outright. Seven months later, in September 2015, Apttus achieved unicorn status when it raised $108 million in Series C funding at a valuation described as 'well north of $1 billion,' led by the Kuwait Investment Authority with participation from Salesforce Ventures, Iconiq Capital, and K1 Capital. By late 2015, the company was forecast to hit a revenue run rate of $120 million and was growing at 80% annually, with approximately 350 customers including GE, HP, Salesforce, and PayPal.
Sep 2013Series ASalesforce Ventures (lead); ICONIQ Capital; K1 Investment Management$37M-Apttus, a San Mateo-based provider of Quote-to-Cash cloud solutions including configure price quote, contract management, and revenue management built on the Salesforce1 platform, raised $37 million in its Series A funding round in September 2013. The round marked the company's first VC financing after operating profitably for seven years since its founding in 2006. Investors included Salesforce Ventures as the lead, along with ICONIQ Growth (also referred to as Iconiq Capital) and K1 Investment Management (also K1 Capital). This Series A funding fueled Apttus' aggressive expansion in sales and marketing to capture a larger share of the Quote-to-Cash market, estimated by Gartner at $31 billion and growing to $41 billion by 2018. The investment enabled Apttus to service over 300 Salesforce enterprise customers, including 70 Fortune 500 companies, by extending Salesforce's capabilities in sales and revenue processes. At the time, Apttus had pioneered scalable efficiency in the Quote-to-Cash cycle across industries. Subsequent rounds built on this foundation: a $41 million Series B in February 2015 led by Salesforce Ventures with ICONIQ and K1, bringing total funding to $78 million, followed by a $108 million Series C later in 2015 led by KIA (Kuwait Investment Authority) with the same co-investors, achieving unicorn status at a $1 billion valuation and total funding of $186 million. Apttus considered a 2016 IPO but focused on growth within the Salesforce ecosystem.

Who has invested in Apttus?

9 investors have backed Apttus across its funding rounds, including ICONIQ Capital, Salesforce Ventures, K1 Investment Management, Premji Invest, IBM and IBM Ventures.

Lead investors include Premji Invest, Gulf Islamic Investments LLC (GII), Kuwait Investment Authority and Salesforce Ventures.


Apttus Investors

Investors in Apttus by funding rounds participated
InvestorHQRoundsRoleFirst check
ICONIQ CapitalUnited StatesSan Francisco, CA5ParticipantSep 2013
Salesforce VenturesUnited StatesSan Francisco, CA4LeadSep 2013
K1 Investment ManagementUnited StatesLos Angeles, CA4ParticipantSep 2013
Kuwait Investment AuthorityKuwaitKuwait City1LeadSep 2015
K1 SpeedUnited StatesLos Angeles, CA1ParticipantSep 2016
Premji InvestIndiaBangalore1LeadSep 2017
Gulf Islamic Investments LLC (GII)UAEDubai1LeadSep 2016

This data is available for Pro users. Sign up to see all 9 Apttus investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Apttus Competitors

Apttus competitors include listed companies like Rezolve AI, Infomart and GigaCloud Technology, and private ones like Bloomreach, Postscript and Swiftly.

Public and private companies comparable to Apttus
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Rezolve AIUnited KingdomUnited KingdomPublicly listed$47M($109M)$950M4.0x
BloomreachUnited StatesSan Francisco, CAPrivate$150M-$2.2B14.7x
PostscriptUnited StatesPhoenix, AZPrivate$39M-$636M16.3x
InfomartJapanJapanPublicly listed$121M$31M$1.2B8.6x
SwiftlyUnited StatesSeattle, WAPrivate--$1B-
GigaCloud TechnologyUnited StatesUnited StatesPublicly listed$1.3B$158M$1.9B1.4x

Apttus Public Comps

Apttus is no longer listed, but its public comps include Sprinklr, Infomart, Lightspeed Commerce, ZoomInfo, Deluxe, Appier Group, Rezolve AI, Shiprocket, Sansan and Hangzhou Raycloud Tech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sprinklr$857M$66M1.0x1.0x13.6x5.5x
Infomart$121M$31M9.3x8.6x35.9x31.7x
Lightspeed Commerce$1.2B($13M)0.7x0.7x(65.4x)11.0x
ZoomInfo$1.2B$326M2.0x2.1x7.8x5.1x
Deluxe$2.1B$379M1.2x1.2x6.7x5.6x
Appier Group$281M$44M3.4x2.9x21.6x15.7x
Rezolve AI$47M($109M)23.3x4.0x(10.0x)(19.3x)
Shiprocket$211M($7M)4.3x-(131.1x)-

This data is available for Pro users. Sign up to see all Apttus competitors and their valuation data.

Start Free Trial

Common questions about Apttus

When was Apttus founded?Apttus was founded in 2006.
Where is Apttus headquartered?Apttus is headquartered in San Francisco, CA, United States.
Is Apttus publicly listed?No, Apttus was acquired by Conga in May 2020.
Who acquired Apttus?Apttus was acquired by Conga in May 2020.
What is Apttus' valuation?Apttus was last valued at $1.3B in its Series D in September 2016.
How much funding has Apttus raised?Apttus has raised $329M across 5 funding rounds.
What was Apttus' last funding round?Apttus' last funding round was a $55M Series E in September 2017, led by Premji Invest.
Who are Apttus' investors?Apttus' investors include ICONIQ Capital, Salesforce Ventures, K1 Investment Management, Kuwait Investment Authority, K1 Speed, Premji Invest, Gulf Islamic Investments LLC (GII), IBM Ventures and IBM.
What is Apttus' revenue?Apttus' latest recorded revenue is $120M (September 2015).
What is Apttus' revenue multiple?Apttus' latest valuation implies a 8.3x revenue multiple ($1B valuation on $120M of revenue).
Which companies are comparable to Apttus?Companies comparable to Apttus include Rezolve AI, Bloomreach, Postscript, Infomart, Swiftly and GigaCloud Technology.

See companies similar to Apttus

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial