Delivering Greater Operational Efficiency, Revenue Visibility
Services industries, which are talent driven, have been challenged to provide timely and accurate quotes because most CPQ solutions do not account for critical workforce and project elements such as roles, phases, tasks, and rates. Many services quotes today are generated in spreadsheets and documents outside of the core system, causing delays and errors that can impact the customer experience and prove costly for the business.
To help meet the demand and what’s required of them, organizations need CPQ technologies that help speed up the process and provide greater visibility. As one of the first commercial solutions specifically developed for services CPQ, Zimit expedites the creation of timely and accurate quotes and proposals, helping reduce the time to quote from days to minutes.
In 2020, Zimit achieved Workday Approved Integration status, providing customers with a seamless integration that connects Workday Professional Services Automation (PSA) and Zimit Configure Price Quote (CPQ). The integration takes customer project or service opportunities, provides a services-centric quote and proposal, and transitions it to Workday PSA to create the customer contract and project details. With this intended acquisition, Workday and Zimit will be able to further innovate the CPQ process to deliver an end-to-end, quote-to-cash cycle in a single system for services industries.
Comments on the News
“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,” said
“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,” said
“CPQ is a critical component of truly delivering an exceptional experience. The acquisition will provide customers a unique offering that will help provide distinct revenue and resource visibility through the lens of the customer’s directly input intentions, helping to accelerate and streamline their quote process,”
Details Regarding Proposed Acquisition of Zimit
The transaction is expected to close in the third quarter of Workday’s fiscal year 2022, ending
Orrick is serving as legal advisor to Workday, and
About Zimit
Zimit, which was founded by
About Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries – from medium-sized businesses to more than 50% of the Fortune 500. For more information about Workday, visit workday.com.
© 2021.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday, Zimit, and the proposed acquisition of Zimit by Workday. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits and effects of the proposed transaction; Workday’s plans, objectives, expectations and intentions; and the anticipated timing of closing of the proposed transaction. Risks include, but are not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all; (ii) failure to achieve the expected benefits of the transaction; (iii) Workday’s ability to implement its plans, objectives, and other expectations with respect to Zimit’s business and its ability to provide organizations with a comprehensive quote-to-cash process automation offering, providing them with increased visibility across the revenue cycle; (iv) negative effects of the announcement or the consummation of the transaction on Workday’s business operations, operating results, or share price; (v) unanticipated expenses related to the acquisition; and (vi) other risks and factors described in our filings with the
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