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.
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.”