In an effort to build its presence in the artificial intelligence space, the world’s leading CRM platform provider, salesforce.com, Inc. CRM acquired a startup smart calendar app called Tempo from Tempo AI Inc. However, the financial terms of the deal have not been disclosed.
Founded in 2011 by Raj Singh, Tempo AI launched the Tempo app in 2013. The app acts as a virtual calendar, easily integrating with calendar, email, contacts and other apps on users’ smartphone and offering relevant information and suggestions.
It can pull up the address and show the map ahead of a meeting or flights and weather details ahead of a trip, much like Google Inc.’s GOOGL Google Now.
It should also be noted that the app originated from SRI International, the research and development institute which created Apple Inc.’s AAPL Siri Software – a personal assistant service for iPhones.
As per information available on Tempo’s website, the app will be shut down on Jun 30 and new users are not being accepted. Given this, it is still unclear whether Salesforce will use Tempo’s technology or its engineering talent to develop new products or improvise on existing ones.
The Tempo acquisition is not the first in the productivity space. Earlier this year, Microsoft Corp. MSFT acquired one of Tempo’s competitor, Sunrise. Last year, in November, Microsoft acquired an email app called Accompli. Another enterprise software company, SugarCRM, acquired Stitch – an email app for sales personnel in March this year.
Over the past few years, Salesforce has been aggressively pursuing opportunities to build its capabilities in the data analytics segment as can be seen from the launch of its Wave Analytics Platform last year and the Relatel IQ buyout. We believe that this acquisition is also intended to help in this regard, benefiting both salespeople and marketers. The acquisition should therefore help Salesforce boost its revenues.
Currently, Salesforce carries a Zacks Rank #2 (Buy).
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