Forma.ai Acquires SeaMonster to Create World's First Activity-Based Sales Incentives Solution
TORONTO, May 23, 2024 (Newswire.com) - Forma.ai, the leader in native AI-powered Sales Performance Management (SPM), today announced the acquisition of SeaMonster, a SaaS platform that provides accurate sales activity monitoring and enables sales process compliance. Using SeaMonster’s capabilities and activity data, Forma.ai customers will soon be able to drive maximum motivation from their sales teams through verified activity-based incentives (ABI).
“From the first time I heard SeaMonster’s vision for creating consistency in the sales motion through better management of sales process, I knew that the future of how we motivate and incentivize sellers was going to change,” said Nabeil Alazzam, founder and CEO at Forma.ai. “Having been a customer of SeaMonster, it was immediately obvious to me that a deeper partnership would enable our large enterprise customers to dynamically adjust sales behaviors through incentives to achieve their business outcomes at a speed that has historically been impossible. We're fortunate and thrilled to have the opportunity to formalize this partnership and welcome SeaMonster into Forma.ai."
Activity-based incentives have been a difficult and financially challenging objective for sales organizations, but they have massive potential to drive hyper-focused motivation and grow revenue. By encouraging adherence to the sales process, they could create more accurate sales pipelines and a better customer experience. However, they have not been adopted due to data limitations around tracking finite sales activity data. Traditionally, companies have chosen to reward reps based on final outcomes (e.g., closed business and revenue growth). This application has particular appeal to Business Development organizations that typically reward reps based on sales activity or lead conversions, which can be difficult to track and manage.
Forma's acquisition of SeaMonster will address these challenges by giving organizations an SPM tool unlike any other to motivate reps with unprecedented precision. SeaMonster's technology offers detailed metrics and data at various stages of the sales process, enabling accurate tracking and verification of each seller's discrete activity. This integration will allow Forma.ai to link specific sales activities directly to incentives, offering a new level of targeted, powerful motivation for sales teams.
“SeaMonster was created so that sales teams can provide an appropriate and consistent experience for their customers, leading to positive interactions and predictable results,” said Kevin North, co-founder and CEO at SeaMonster. “Our product provides accurate, validated activity data across the entire sales process in real time. It was natural to integrate these capabilities into Forma.ai, so organizations can go beyond tracking and reporting on sales activity to nudging those behaviors forward with precise incentives.”
The acquisition of SeaMonster moves Forma.ai even closer to its vision of creating the only SPM platform that accelerates and scales GTM functions, helping organizations grow revenue faster, reduce costs, and eliminate risk.
About Forma.ai
Forma.ai is the leading AI-powered Sales Performance Management (SPM) platform trusted by global enterprises to drive revenue and streamline go-to-market operations. Forma.ai helps enterprises and growth organizations optimize territories, quotas, and incentive compensation — to exceed revenue targets and unlock sales team motivation. With AI at the core, revenue teams can plan, model, and deploy SPM strategies to operate with a new level of speed and precision. Learn more at www.forma.ai.
About SeaMonster
SeaMonster provides sales process transparency by automatically mapping verified sales activity to required steps in order to provide a baseline, real-time view of sales behavior. The application is used by sales organizations to help them discover and develop a standardized sales process that can be validated in real time. With its leading-edge analytics, SeaMonster is able to identify the precise behaviors that are utilized by top performers. Learn more at www.seamonster.com.
Source: Forma.ai
