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May 23, 2024
Forma.ai has purchased fellow Toronto-based sales software startup SeaMonster in what marks its first acquisition to date.
Forma.ai sells artificial intelligence-powered sales performance management software to businesses. The company’s technology helps organizations optimize how they compensate their salespeople.
Combining SeaMonster’s capabilities with sales incentives “just makes sense,” Forma.ai founder and CEO Nabeil Alazzam told BetaKit in an exclusive interview. The fellow Toronto-based startup has developed a software-as-a-service platform designed to provide accurate sales activity monitoring and enable sales process compliance.
“It really kind of achieves both of our visions,” said Alazzam. “We are looking to be as data-driven as possible in how we think about motivating sellers. They were hoping to redefine how organizations manage the sales process. Bridge these two things together and now you get the best of both worlds.”
Both companies declined to disclose the financial terms of the deal to BetaKit. Through the acquisition, which recently closed, Forma.ai has acquired all of SeaMonster’s tech but not all of its employees. SeaMonster co-founder and CTO Jesse Lancaster has joined the company as vice president of data engineering, while co-founder and CEO Kevin North is staying on as an advisor. Per North, the two companies will share some contractors going forward. Read rest here.