SuccessFactors, a provider of workforce management tools, has acquired Silicon Valley startup CubeTree.
The deal, worth up to $50 million, will give SuccessFactors a business-focused social networking component to add to a product suite it describes as “business execution software.” The company also reported that it lost 6 cents a share for the first quarter of the year, down from 10 cents a share last year.
Stronger than expected bookings (sales) helped improve the quarter and also prompted the company to revise its full-year outlook to break-even on revenues of $180-$182 million. While an improvement over past estimates, the new numbers are still below Wall Street’s expectations.
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The CubeTree acquisition was called “key to accelerating SuccessFactors’ BizX opportunity and expand our leadership,” by company CEO Lars Dalgaard.
According to the announcement, “CubeTree solves a critical challenge in business execution: how individuals and teams communicate, share ideas, and come together across organizational silos and geographies to get work done.”