Thursday, June 16, 2011

HubSpot expands with Performable acquisition

By Kyle Alspach

HubSpot Inc. announced Thursday that it has acquired Performable Inc., in a union of the two Cambridge-based marketing automation software companies.

HubSpot, which received a $32 million Series D financing round in March, did not disclose the financial terms of the acquisition.

The 18-person team at Performable will officially join HubSpot on Monday, bringing the HubSpot headcount to more than 260, the company said. HubSpot, founded in 2006, was backed in the Series D round by lead investors Sequoia Capital, Google Ventures and Salesforce.com. Performable raised $3 million in January 2010 from Charles River Ventures of Waltham.

HubSpot, which produces marketing automation software for small and midsize businesses that sell business-to-business, said the Performable acquisition will bring additional functionality to the HubSpot platform, enhancing users’ “ability to turn more visitors into leads and customers.”

Performable’s CEO, serial entrepreneur David Cancel, will become chief product officer at HubSpot, the company said.

In a statement making the announcement, HubSpot’s CEO and co-founder, Brian Halligan, called the acquisition “the first in a series of partnerships, acquisitions and other announcements you can expect to see from us in the coming months.”