Sales engagement platform provider SalesLoft has announced its acquisition of sales management company Costello. Financial terms were not disclosed.
The acquisition aims to fuel SalesLoft’s ability to help sales professionals at all levels cultivate leads and manage deals via Costello’s user dashboards, quick deal updates, guided selling playbooks, and other features.
SalesLoft’s acquisition of Costello — only the second in the company’s history — comes months after raising $70 million in a Series D funding round this past April.
“Costello provides a single place for sellers and their managers to collaborate. It triggers the actions they need to guide deals across the finish line,” SalesLoft president Rob Forman tells Hypepotamus.
“Adding those capabilities to our Sales Engagement platform will be game-changing for sales teams and leaders alike.”
In a blog post championing the acquisition, CEO and co-founder Kyle Porter highlighted four key sales challenges that Costello helps SalesLoft solve.
For one, sales representatives can now update sales details using one user dashboard instead of wasting time poking around in a typical CRM system. Sales reps can also manage their workflows with a single app instead of multiple devices.
Costello also provides guided selling playbooks to help reps move deals forward and helps simplify pipeline reviews with filtered dashboard views that also make providing real-time feedback and action items easy.
Costello’s AI-enabled platform also allows customers’ sales teams to manage communications with both prospects and customers on that single platform.
“Our customers’ pipeline builders, deal closers, and relationship managers will be able to authentically connect with and provide value to their customers, create and manage their active opportunities, quickly identify gaps, and more — without manually updating the CRM or tracking deals in spreadsheets,” says Forman.
Last year, Costello partnered with SalesLoft on an enhanced API integration that allows the companies’ many joint customers to proactively manage sales opportunities from within SalesLoft’s platform.
Costello CEO Frank Dale sees a golden opportunity to further increase the company’s value to customers old and new.
“Integrating with SalesLoft’s platform allows us to take our vision to the next level,” Dale said in a statement. “This is the perfect time to combine our opportunity management capabilities with SalesLoft’s best-in-class Sales Engagement platform and expertise.”
Both companies will continue to support existing Costello customers, enhance product capabilities, and integrate Costello capabilities into the SalesLoft platform.
The acquisition caps off a year of accolades and tremendous growth for SalesLoft. In addition to increasing recurring revenue by more than 1000 percent over the last three years, SalesLoft has also expanded its team to more than 450 employees and opened its EMEA headquarters in London, England.