In yet another successful exit for an Israeli high-tech company, field service software company Clicksoftware was bought for $1.35 billion on Wednesday night by US tech giant Salesforce.
Salesforce will pay in cash and shares and is expected to complete the deal by October 31, 2019.
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Based in Petah Tikva, Clicksoftware is owned by US private equity fund Francisco Partners.
The company has 200 employees in Israel and develops logistical management systems for customer service and technical support, sending out technicians and tracking the results. The company was founded more than 20 years ago by Moshe Benbassat, who has since left the company.
Clicksoftware reported annual revenue of $144 million in 2016.
Salesforce said in a statement that ClickSoftware "enables companies to intelligently schedule and optimize field service work. Salesforce Field Service Lightning, built on Service Cloud, harnesses the latest in dispatching, mobile workforce empowerment and IoT technologies to empower companies to connect their entire service workforce on a single, centralized platform. With the combined capabilities of Field Service Lightning and ClickSoftware, Salesforce will be positioned to lead the way to the future of field service."
Israeli high-tech companies were part of 66 exit deals amounting to $14.48 billion in the first half of 2019 alone, setting a five-year record, business analysis firm IVC–Meitar reported in July.
The total value reached by such deals in the first half of 2018 amounted to nearly $6.5 billion. Overall, Israeli high-tech companies were part of merger and acquisition deals amounting to $13 billion in 2018.
In 2013, the Tel-Aviv-based Waze navigation application was purchased by Google for $1.1 billion.
