Powered by SaaS Industry
At a Glance
Drift, a revenue acceleration platform, has formed a strategic partnership with Vista Equity Partners. Drift will benefit from Vista’s industry experience, best practices, and large ecosystem as its portfolio business. Drift becomes a unicorn with Vista’s growth investment.
Drift, a revenue acceleration platform that uses conversational marketing and conversational sales, has announced a strategic partnership with Vista Equity Partners, a private equity firm. Drift’s objective to make business buying frictionless, enjoyable, and human will be accelerated by Vista’s strategic growth investment in the firm, Drift said in a press release.
The financial details of the transaction have not been disclosed, but according to the press release, Drift turns unicorn with this growth investment from Vista.
Drift’s mission has always been to reimagine the B2B purchasing process. Drift will continue to invest in the success of its clients in conjunction with Vista while extending its product leadership, scaling globally, and bringing conversational commerce to more B2B enterprises.
Our purpose as a company remains simple and consistent: Build a platform that makes it simpler for customers to buy from you. We have an opportunity to bring learnings from the B2C buyer experience to the enterprise and introduce Conversational Commerce as a new B2B category. Given its extensive experience investing in next-generation SaaS companies, we believe Vista is the best partner to help Drift – and our customers – further these efforts. I am excited to work with Vista’s team of investors, operators, and technologists who will help us fulfill our ambitious vision and lead the conversational commerce category for decades to come.David Cancel, CEO of Drift
Five years ago, Drift introduced conversational marketing as a way for marketers to use the digital experience to generate leads. The organization immediately found that reducing buyer-seller friction resulted in more than leads; it also increased revenue. This prompted Drift to broaden its focus to include conversational sales, which integrates chat, email, video, and artificial intelligence to enable interactions on the customer’s website and with the sales team.
David and I are proud to be one of the only Latino-founded companies to ever achieve over $1 billion valuation – a rare, Latino-founded unicorn. We want to see more of us do the same, and we will pave the way for other Latino founders and leaders to achieve success. Our partnership with Vista marks the start of Drift’s second chapter: Maniacally focusing on building an enduring company that accelerates innovation for customers.Elias Torres, CTO and co-founder of Drift
Drift will benefit from Vista’s industry expertise, best practices, and wide ecosystem as its portfolio company, allowing it to scale operations, maintain the customer-first credo, and accelerate technology and product innovation. The transaction is expected to be finalized in the fourth quarter of 2021, according to Drift and Vista.
Monti Saroya, co-head of the Flagship Fund and senior managing director at Vista
As a next-generation SaaS company with a strong leadership team, differentiated platform, and passionate customer base, Drift is uniquely qualified and well-positioned to define and lead this new market of Conversational Commerce. It is a privilege to partner with talented founders like David and Elias, and we look forward to supporting them and the entire Drift team to help advance their vision to remove the friction from business buying, and in turn, create tremendous value for customers as Drift’s hypergrowth continues to accelerate.”