According to a report by MarketsandMarkets, the global cloud integration market is estimated to grow 13.7% annually to $12.24 billion by the year 2022. The growth in the industry is estimated to be driven by the growing demand for tools that can integrate several heterogeneous data sources and the rise of cloud computing that is resulting in the need for effective data integration tools and practices. Open source integration software vendor Talend (Nasdaq: TLND) is a leading player in this market that continues to tap into cloud-based offerings.>>>
Sramana Mitra: Did the pricing change when you made this switch to providing these insights?
Jeff Wilkins: Somewhat. We’ve always underpriced our services and probably devalued some of the things that we do. We definitely left some money on the table. Over time, we’ve been trying to rationalize that more. Maybe if we can help them spend the money better, we don’t have to be cheaper at all. Maybe you don’t need three S’s; maybe you just need one S. At the moment, we’re still offering those three components.>>>
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Sramana Mitra: It’s not a big buyer whose problem you’re solving. You’re solving the small business’ problem of cash flow. A small business working with a large buyer with not very favorable terms puts the small business at the mercy of the buyer.
In this case, just inserting Fundbox or equivalent speeds up the working capital issue for small businesses, and the large buyer has absolutely nothing to lose by introducing that.>>>
According to Gartner, worldwide spending on customer experience and relationship management (CRM) software grew 15.6% to reach $48.2 billion in 2018. Salesforce (NYSE:CRM), which is the leader in the CRM market with 19.5% share, recently reported a strong quarter and raised its forecast following its recent acquisitions.>>>
Sramana Mitra: How long did it take you to hit a million in revenue?
Jeff Wilkins: Two months.
Sramana Mitra: What sized contracts were you doing?
Jeff Wilkins: We started as a reactive company. A client or one of their tenants had a problem with one of their HVAC units. In the early days, they’d call or email us, and we would dispatch a contractor.>>>
This feature from The New York Times looks at how trustworthy AI systems can be built using the concepts of time, space, and casuality. For this week’s posts, click on the paragraph links.>>>
Sramana Mitra: Why are you not involved in transactions where it’s a large company buying from a small company?
Eyal Shinar: Because of the point you just raised. Interestingly enough, some larger companies, not as big as Apple, reach out to Fundbox as a seller. We already have agreements in place, but it’s not public yet. They’re asking us to be the provider of terms of their business buyers.>>>