Netsuite Acquires Part of Verenia, a Popular CRM and CPQ Vendor Verenia
Key Takeaways:
- Oracle has announced that it is all set to acquire Verenia, a popular CRM and CPQ vendor.
- This deal will enable Netsuite’s CPQ functionality to pave the way for accurate and faster-guided selling.
- Netsuite has been looking to expand its product portfolio and this deal fits perfectly in their long-term plans.
Oracle has revealed that it will kickstart 2022 with the acquisition of Verenia’s CRM and CPQ business. This deal will rope in NetSuite’s CPQ functionality which will facilitate accurate and faster-guided selling. Verenia’s non-Netsuite CRM and CPQ customers and product lines will be retained by Verenia LLC.
SEE ALSO: Software Giant Blackbaud Acquires Everfi for $750 Million
A word from the stakeholders
Jason Maynard, SVP Global Field Operations, Oracle Netsuite shared the news in a LinkedIn post. The post spoke about Oracle’s plans to expand its product suite and how this acquisition will help them.
Victoria Pellicano, CEO, and founder of Verenia said that nearly 10 years after leading Netsuite’s CPQ arm, the company has entered an agreement with one of the world’s largest technology companies – Oracle. He further added that he is looking forward to the opportunity to work with Oracle Netsuite.
His post suggests that Pellicano will switch sides and join Oracle Netsuite as part of the deal. However, what implications this may have for customers who use Verenia and Netsuite is not very clear.
What exactly is Netsuite acquiring?
Netsuite is purchasing Verenia’s intellectual property that is available on the Netsuite platform. This means that Netsuite users will now have access to Verenia’s 3D product visualization CPQ system.
There are questions about whether Verenia’s CPQ solution will become SuiteCPQ in the near future. However, that bit of information is not clear yet. Besides, Oracle has asserted that it is reviewing the roadmap with Verenia currently.
It is important to understand that Verenia CPQ is a product that will enhance Netsuite’s features in this aspect. Another question customers are trying to find answers for is what exactly both the companies will do with Verenia CRM.
According to Pellicano, Verenia CRM is more user-friendly than Netsuite CRM’s interface. What is interesting to see is that how a lot of Verenia’s integrations are incorporated into Netsuite and what the new update will feature from Verenia’s portfolio.
This acquisition rings similar bells and whistles as to when Epicor scooped KBMax to consolidate its position in the CPQ market.
Verenia’s growth had stagnated over the past few months, and this is probably the main reason why this deal was possible.
What does it mean for Netsuite and Verenia’s customers?
Prima face, it seems like it is good news for Netsuite and Verenia customers. However, whether this development affects the pricing structure in any way remains to be seen.
Verenia Configurator CPQ is expected to become SuiteApp. Customers also want to understand whether Guided Selling for Netsuite will convert into a standalone module or improve the current Netsuite CRM.
SEE ALSO: Workday Hints at Acquiring VNDLY in a $510 Mn Cash Deal
Feature Image Source: Image by naor eliyahu from Pixabay
