Outreach makes second acquisition, swoops up revenue intelligence startup Canopy

(GeekWire File Photo)

Seattle sales automation company Outreach announced the acquisition of Canopy, an Indianapolis, Ind.-based startup that aims to help companies analyze revenue operations and forecasting.

Outreach said it will use the deal to offer a new forecasting product called Outreach Commit. It’s the second acquisition to date for Outreach, which bought Sales Hacker in 2018.

Terms of the deal were not disclosed. Canopy’s nine employees will join Outreach. The startup, founded in 2019, had raised $2.1 million.

Founded a decade ago, Outreach helps sales professionals close deals, track leads and boost engagement with customers including Zoom, Adobe, DocuSign, and others. The company raised $200 million in June at a $4.4 billion valuation, more than triple its valuation from a year ago. It now employs more than 1,000 people worldwide. Total funding to date is $489 million.

Outreach said the acquisition of Canopy is part of its expansion beyond sales engagement and into intelligence. The company has recently expanded its product offerings, launching a real-time conversation intelligence tool called Kaia, AI reporting tools that analyze buyer sentiment called Insights, and a product that allows buyers and sellers to collaborate together called Success Plans.

Outreach competes against SalesLoft, Groove, Gong and a host of other rivals.

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