We have great news for companies that have client-facing projects and use Workday—the finance and human resources cloud software provider has officially signed an agreement to acquire Zimit, a configure price quote (CPQ) platform. Why is this such great news?
By teaming up, Workday and Zimit can provide companies in the service industry with a comprehensive quote-to-cash process, giving them better visibility into the revenue cycle and further enabling digital transformation.
In this article, we’ll explain more about the acquisition and the benefits for current and future Workday customers.
Overview of Zimit
Founded by Ali Safadi and James Cramer (host of Mad Money), Zimit is one of the only CPQ solutions explicitly built for services industries. CPQ software generates quotes for configurable technology products and services, including subscriptions, professional services, managed services, bundled solutions, and XaaS (anything as a service).
Companies use Zimit to replace time-consuming spreadsheets with a central solution catalog, guided selling, automated document content, approvals, and a pricing engine built specifically for their industry, saving companies time and resources and improving their accuracy.
History of Workday and Zimit
Workday and Zimit aren’t exactly strangers—not only did Workday fund Zimit through Workday Ventures, its investment division of the company, but in 2020, Zimit received a Workday-approved integration that connected Workday Professional Services Automation (PSA) and Zimit Configure Price Quote (CPQ). Through the integration, you could take a customer project or services opportunity, provide a services-specific quote and proposal, and seamlessly transition it to Workday PSA to create the contract and project information.
Now that the two will be joining forces under the same company, we expect even more innovations for the services industry, and Pete Schlampp, Workday’s executive vice president, product development, agrees. Speaking in a company announcement, he said:
“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.”
James “Mad Money” Cramer, Zimit Co-founder and Co-CEO, was also excited about the acquisition, saying, “We’ve seen the tremendous value Workday customers realize when they streamline manual processes and move their services quotes and pricing to the cloud with Zimit CPQ.”
Making the Most of the Workday and Zimit Combo
The acquisition is expected to close in the third quarter of Workday’s fiscal year 2022, ending Oct. 31. The financial details of the deal were not disclosed. This news shows how both Workday and Zimit are working together to simplify the complex and burdensome financial process with automation. By joining forces, the move will only make the solutions even more accessible and powerful for users.
If you’re interested in making the most of your Workday solution (with or without Zimit), Surety Systems is here to help. Our senior-level Workday consulting team can evaluate, train, and support your organization at any stage of the journey. Put our years of industry experience to work for you and optimize your Workday investment.
Contact us today to get started.