Vista's investment in Drift will help the company to expand rapidly and grow even faster, and launch a new B2B platform called "Conversation Commerce
In a recent press meet, Vista Equity Partners, one of the leading equity firms, has announced that it is taking a majority stake in Boston-based Drift, a SaaS startup company. Drift amidst the pandemic has seen a humungous 70 percent growth in its annual recurring revenue (ARR) and is aiming to target a similar metric this year. Prior to this financing, Drift had raised $107 million in funding from companies like Sequoia Capital, CRV, and General Catalyst.
Vista's investment in Drift will help the company to expand rapidly and grow even faster, and launch a new B2B platform called "Conversation Commerce," which will be an interactive approach to conversations that Drift believes has the potential to revolutionize the entire B2B revenue function and increase the product sale and growth globally.
Drift's customer base includes big SaaS-based mid-market enterprises such as ServiceNow, Okta, Grubhub, Mindbody, Adobe, Ellie Mae, and Snowflake. With this acquisition, both Drift and Vista Equity's customers will bring sales and marketing teams together on a single platform to deliver personalized conversations and build trust and accelerate revenue.