Salesforce Ventures has acquired a minority stake in Hearsay Systems, which offers Advisor Cloud solutions for financial services.

The financial details of the transaction were not disclosed.

The two companies also agreed to deepen their partnership to enable advisors and agents to grow business relationships by leveraging the last mile of digital communications.

Additionally, the collaboration adds Hearsay for Salesforce tool on the Salesforce AppExchange.

Salesforce CRM Applications EVP and general manager Bill Patterson said: “Hearsay’s last-mile customer engagement platform is a natural addition to our Salesforce applications.

“With a growing set of regulations introduced across industries, organisations need to ensure that their sales, service, and marketing teams follow compliant communications with customers. With Hearsay, we are excited to deliver these enhanced capabilities to Salesforce customers.”

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By GlobalData

The move comes when the demand for compliant, last-mile digital communication channels for financial firms has been increasing following the Covid-19 pandemic.

Hearsay noted that it has registered a threefold increase in product utilisation during the pandemic compared to 2019 year-to-date period.

Hearsay Systems CEO Clara Shih said: “Customers want the speed and convenience of digital combined with the empathy and trust of their relationship manager.

“Salesforce’s 360-degree view of the customer, workflow, and analytics plus Hearsay’s compliant last-mile engagement together deliver the human client experience at scale which advisors and customers want and need now more than ever.”