Conga Acquisition, Valuation, Funding & Investors
Conga was acquired by Apttus for $715M in May 2020, a 7.2x multiple on $100M of revenue.
Conga revenue at acquisition
$100M
Last twelve months · May 2020
Conga revenue multiple at acquisition
7.2x
EV/Revenue · May 2020
Cumulative funding Conga raised
$117M
across 2 funding rounds
About Conga
Conga is a Broomfield-headquartered developer of document generation and reporting tools integrated with Salesforce. Founded in 2006, the company provides Conga Composer, Contracts, and Revenue Grid suites used by over 18,000 organizations in 75 countries for automating proposals, invoices, and contracts. Conga maintains support teams in Australia and the United Kingdom.
Founded
2006
HQ
Denver, COWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (May 2018)
Valuation
$715M (acquired May 2020)
Conga Acquisition
Conga was acquired by Apttus for $715M on 7 May 2020.
The acquisition price implies a 7.2x revenue multiple on $100M of revenue.
Before the acquisition Conga had raised $117M across 2 funding rounds.
Apttus acquired Conga in a combination announced on 7 May 2020, and the merged company took the Conga name. Apttus, a quote-to-cash and configure-price-quote vendor that Thoma Bravo had bought a majority stake in during September 2018, was the acquirer; Conga was a Broomfield, Colorado, document automation and contract lifecycle management specialist owned mainly by Insight Partners. The trade press reported a price of about USD 715 million. Frank Holland, who had run Apttus since the Thoma Bravo buyout, became chief executive, while Conga's former chief executive Matthew Schiltz and an Insight Partners representative joined the board. Thoma Bravo remained the lead strategic investor and Insight Partners kept a material stake. The companies said the combined business had roughly USD 400 million in revenue and more than 10,000 enterprise and mid-market customers. Conga had reported more than 11,000 customers and an annual run rate above USD 100 million before the deal, and its product line added document generation and contract lifecycle management to Apttus quote-to-cash software.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 7 May 2020 | Strategic M&A | $715M | 7.2x |
Sources: conga.com, diginomica.com
Conga Revenue
Conga's latest recorded revenue is $100M, as of its undisclosed-stage round in May 2018.
Conga revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| May 2018 | $100M | Undisclosed stage |
* 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.
Conga Funding History
Conga has raised a total of $117M across 2 funding rounds.
Conga's first fundraising round was a $70M undisclosed-stage round in June 2015. The most recent completed round was a $47M undisclosed-stage round in May 2018.
Conga funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2018 | Undisclosed stage | Insight Partners (lead); Salesforce Ventures (lead) | $47M | Conga is a document automation platform built exclusively for the Salesforce ecosystem, founded in 2006 and headquartered in Broomfield, Colorado. The company provides a suite of products that generate digital contracts and documents, store files, and automatically update them when necessary, with capabilities including document generation, contract management, e-signatures, data management, and report generation. By 2018, Conga served large enterprises including Qualcomm, Sony, and Hilton Worldwide among approximately 8,500 customers across more than 85 countries with over 700,000 users. On May 24, 2018, Conga announced a $47 million funding round led by existing investors Insight Venture Partners and Salesforce Ventures. This brought total capital raised to $117 million. The company deployed capital toward hiring engineers and sales personnel and continued its acquisition strategy, having completed three acquisitions earlier that year including Octiv, Orchestrate, and Counselytics to expand its product suite. Conga demonstrated strong financial momentum heading into the round. CEO Matt Schiltz, the former CEO of DocuSign, had achieved 100% year-over-year revenue growth in his first full year after joining in 2015 and was projecting the company would pass $100 million in revenue in 2018. The company was also noted as one of the fastest-growing cloud companies in the United States and had expanded its team by 64 percent over the preceding year. The $47 million investment preceded Conga's acquisition by Apttus in May 2020 in a deal valued at $715 million, which created one of the largest Salesforce-native independent software vendors. The combined entity claimed more than 10,000 enterprise and mid-market customers generating approximately $400 million in annual revenues. |
| Jun 2015 | Undisclosed stage | Insight Partners (lead) | $70M | Conga, a Broomfield, Colorado-based software developer founded in 2006 by Mark Whiteside and Michael Markham, specializes in the Conga Suite for Salesforce, providing document generation, reporting, quotes, proposals, invoices, contracts, and related applications within the Salesforce ecosystem. On June 25, 2015, Conga announced a $70 million investment from Insight Venture Partners to address growing global demand, accelerate product innovation, and enhance customer resources like training and certification. The funding followed 45% year-over-year profitable revenue growth, highlighting Conga's boot-strapped success and high customer satisfaction, with five-star ratings on the Salesforce AppExchange. Insight Partners, a New York-based private equity and venture capital firm, led the round, with managing director Nikitas Koutoupes and vice president Elodie Dupuy joining Conga's board. The investment positioned Conga for expansion in the Salesforce ecosystem, where it served a dedicated customer base. Conga continued as an independent entity post-funding until later developments, including its acquisition by Apttus in a $715 million corporate majority deal on May 7, 2020, forming a larger player with over 10,000 customers and $400 million in annual revenues at that time. Insight Partners remained an investor in the combined entity, which adopted the Conga name under new leadership. This 2015 round marked a key growth phase for Conga in the competitive Salesforce ISV space. |
Who has invested in Conga?
2 investors have backed Conga across its funding rounds, including Insight Partners and Salesforce Ventures.
Lead investors include Insight Partners and Salesforce Ventures.
Conga Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Conga
Conga has acquired 8 companies to date.
Last acquisition by Conga was on February 2nd 2026. Conga acquired PROS (B2B unit) for undisclosed valuation.
Latest Acquisitions by Conga
| Description | PROS B2B unit delivers AI-powered pricing, sales, and revenue management solutions tailored for business-to-business commerce. | - | 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. | Counselytics is a legal technology firm that processes large volumes of contracts, litigation documents, and regulatory filings using AI and machine learning. Based in New York, it combines expertise from top law firms, Wall Street, and government with advanced natural language processing to automate due diligence and compliance checks. The platform assists corporate legal departments and law firms in extracting insights from unstructured data efficiently. | |
| HQ Country | | | | | |
| HQ City | Houston, TX | - | San Francisco, CA | New York City, NY | |
| Deal Date | 2 Feb 2026 | 17 Aug 2021 | 7 May 2020 | 4 Apr 2018 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Conga Competitors
Conga competitors include listed companies like Auction Technology Group and Vtex, and private ones like Sendcloud, Postscript, Codat and ki Mobility Solutions.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Eindhoven | Private | $123M | - | $750M | 6.1x | |
 United Kingdom | Publicly listed | $190M | ($93M) | $788M | 3.9x | |
 Brazil | Publicly listed | $241M | $22M | $645M | 1.8x | |
| Phoenix, AZ | Private | $39M | - | $636M | 16.3x | |
| London | Private | - | - | $825M | - | |
 Chennai | Private | $129M | - | $842M | 6.5x |
Conga Public Comps
Conga is no longer listed, but its public comps include Vtex, Auction Technology Group, THG, Rezolve AI, Hangzhou Raycloud Tech, ODDITY Tech, Shiprocket, Locaweb, Softcreate Holdings and Riskified.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $241M | $22M | 2.0x | 1.8x | 21.3x | 10.7x | |||
| $190M | ($93M) | 5.0x | 3.9x | (10.2x) | 10.8x | |||
| $2.3B | $133M | 0.7x | 0.6x | 11.3x | 11.3x | |||
| $47M | ($109M) | 14.7x | 2.2x | (6.3x) | (12.0x) | |||
| $85M | $724K | 10.9x | 10.0x | 1277.7x | - | |||
| $810M | $131M | 1.6x | 1.9x | 9.9x | 25.9x | |||
| $215M | ($7M) | 3.7x | - | (113.7x) | - | |||
| $271M | ($29M) | 1.1x | 1.0x | (10.0x) | 4.1x | |||
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Common questions about Conga
| When was Conga founded? | Conga was founded in 2006. |
| Where is Conga headquartered? | Conga is headquartered in Denver, CO, United States. |
| Is Conga publicly listed? | No, Conga was acquired by Apttus in May 2020. |
| Who acquired Conga? | Conga was acquired by Apttus in May 2020. |
| How much was Conga acquired for? | Conga was acquired for $715M in May 2020, a 7.2x revenue multiple. |
| How much funding has Conga raised? | Conga has raised $117M across 2 funding rounds. |
| What was Conga's last funding round? | Conga's last funding round was a $47M undisclosed-stage round in May 2018, led by Insight Partners and Salesforce Ventures. |
| Who are Conga's investors? | Conga's investors include Insight Partners and Salesforce Ventures. |
| What is Conga's revenue? | Conga's latest recorded revenue is $100M (May 2018). |
| Which companies are comparable to Conga? | Companies comparable to Conga include Sendcloud, Auction Technology Group, Vtex, Postscript, Codat and ki Mobility Solutions. |
| How many companies has Conga acquired? | Conga has acquired 8 companies, including PROS (B2B unit), Contract Wrangler, Apttus, Counselytics and Orchestrate. |
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