Forma.ai Company Research Report

Company Overview

Name: Forma.ai

Mission of the Company: Forma.ai merges AI and data science with Sales Performance Management (SPM) to transform how companies motivate their sales teams. They aim to optimize every dollar spent on sales incentives.

When was the Company Founded and by Whom: Forma.ai was founded in 2016 by Nabeil Alazzam.

Key People in the Company:

• Nabeil Alazzam: Founder and CEO

• Dmitri Mikhnevitch: CTO

• Eric Lucas: Enterprise Sales Executive

Where is the Company Headquartered: Toronto, Ontario, Canada.

Number of Employees: 51-200 employees.

Revenue of the Company: No information is available.

What is the Company Known For: Forma.ai is known for its AI-powered Sales Performance Management platform which optimizes incentive compensation processes end-to-end.

Products

CompOps Platform

High Level Description: The CompOps (Compensation Operations) Engine is an AI-driven platform designed to automate, optimize, and transform sales compensation processes.

Key Features:

• Build: AI-automated configuration of sales compensation plans from plain English descriptions.

• Test: Innovative modeling capabilities to test variable changes and predict their impacts.

• Run: Full automation of compensation processes, from data management to compliance and reporting.

Specific Functionalities in the CompOps Platform:

• Incentive Compensation Management (ICM): Automates end-to-end ICM processes, reducing administrative burden.

• Sales Compensation Planning: Connects compensation planning with execution for rapid deployment of strategies.

• Sales Performance Data Management: Centralizes and validates data from multiple sources, providing a unified source of truth.

• Sales Crediting: Handles complex crediting scenarios directly integrated with ICM.

• SOX Compliance: Provides robust security and compliance controls, including audit trails and permission settings.

Recent Developments

Recent Developments in the Company:

• Global Expansion: Expanded presence with new offices to support a global customer base.

• Series B Funding: Raised $45 million in Series B funding led by ACME Capital.

• Partnerships: Acquired SeaMonster to develop Activity-Based Sales Incentives solutions.

New Products Launched:

• Activity-Based Incentives (ABI): Upcoming functionality to design and deploy incentives for various sales activities with predictive modeling capabilities.

New Features Added to Existing Products:

• Advanced Predictive Modeling: Enhanced capabilities for financial outcome prediction and proactive strategy optimization.

• Real-Time Integration: Seamless data integration from over 200+ pre-built connectors, ensuring robust data transformation and validation.

Any New Partnerships:

• SeaMonster Acquisition: Acquired SeaMonster to develop combined capabilities in sales process and incentive management.

Conclusion

Forma.ai continues to revolutionize sales compensation with its AI-driven solutions, fostering agility, compliance, and comprehensive data management across its client base. The recent fundraising and acquisition steps underscore its drive to expand and innovate continuously in the Sales Performance Management sphere.