Workday Announces its Intent to Acquire Zimit, a CPQ Solution Provider
Workday, Inc. has announced its plans to acquire Zimit, one of the only configure price quote (CPQ) solutions developed for service industries. The acquisition will help Workday provide organizations with quote-to-cash process automation solutions and help them increase visibility across their revenue cycles. The transaction is expected to close in the third quarter of Workday’s 2022 fiscal year.
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Workday is a provider of enterprise cloud applications for HR, finance, and planning solutions. The company equips its clients with cloud-based ERP software geared toward medium businesses and larger enterprises in communications, life sciences, energy, insurance, hospitality, retail, nonprofit, manufacturing, and other industries. The company’s service tools cover financial management, HR, payroll, talent management, analytics, planning, and workforce management, among others.
Zimit will help Workday provide its service industry customers with a fully automated quote-to-cash offering. These offerings will help them streamline quote and proposal development and reduce the time to quote from days to minutes. When the acquisition is complete, Workday and Zimit will expand on their preexisting relationship—Zimit became a Workday Approved Integration in 2020 by innovating the CPQ process and delivering an end-to-end, quote-to-cash cycle from a single system.
Pete Schlampp, the executive vice president of product development at Workday, gave the following statement to accompany the announcement: “Zimit changed the game with its proprietary pricing engine and is one of the first—and only—companies to provide services quotes in a matter of minutes. Bringing Zimit into the Workday community is a natural fit and aligns with our mutual goal to automate complex finance processes.”
Learn more about Workday.