For the second time in less more than 24 hours, a company bought a start-up in the start-up phase. Yesterday afternoon, DocuSign acquired Liveoak and this morning, Slack announced that it was buying corporate directories startup Rimeto, which is expected to help employees find people within the organization who match a set. specific criteria from Slack.
The companies did not share the purchase price.
Rimeto helps companies create directories to find employees beyond using tools like Microsoft Active Directory, in-house tools, or your corporate email program. When we covered the company’s $ 10 million Series A last year, we described what it brings to directories this way:
Rimeto has developed a richer directory by sitting between various business systems like HR, CRM and other tools that contain additional details about the employee. It of course includes a name, title, email and phone as the basic business system, but it goes beyond that to find areas of expertise, projects the person is working on and other details that can help you find the right person when you are searching the directory.
In the build versus buy equation that companies balance all the time, it seems Slack weighed the pros and cons and decided to buy. You can see how useful a tool like this would be for Slack as people try to build teams of employees, especially in a world where so many people work from home.
While the current Slack people finder lets you search by name, role, or team, Rimeto should offer users a much more robust way to search for employees across the organization. You can search for the right person to help you with a particular problem and get much more detail on your search requirements than the current tool allows.
At the time of its funding announcement, the company, which was founded in 2016 by three former Facebook employees, told TechCrunch that it had started up for the first three years before taking the $ 10million investment. dollars last year. He also indicated that his cash flow was positive at the time, which is quite unusual for a start-up SaaS business.
In a corporate blog post announcing the deal, as is often the case with these deals, the founders saw being part of a larger organization as a way to grow faster than they could. could have done it alone. “Joining Slack is a special opportunity to accelerate Rimeto’s mission and impact with greater reach, expanded resources and the support of Slack’s impressive global team,” the founders wrote in the post.
The acquisition is part of an ongoing trend for companies to buy up start-ups to fill gaps in their product roadmaps.