Cloud-based software company SuccessFactors has acquired CubeTree, a startup that creates a social software for businesses. According to the release, SuccessFactors is acquiring the company for $20 million plus a contingent cash payment three years from closing to bring the value of the total consideration to $50 million. The deal is expected to close in Q3 2010.
CubeTree’s enterprise collaboration suite is a cross between Facebook and FriendFeed and works like a social network. There are two main components to CubeTree: The Feed and the Profile. But on CubeTree’s feed, instead of seeing updates from everyone in your social graph, you see updates from coworkers. And on your profile page, rather than highlighting pictures or videos of yourself, there is an emphasis on information and documents. The startup also offers enterprise collaboration tools like wikis, blogs and file sharing, which are integrated into the social network.
SuccessFactors will of course be using CubeTree’s offerings to make its own product and applications more social and collaborative. SuccessFactors is used by more than 3,000 companies. CubeTree has raised a total of $12 million in funding.
This isn’t SuccessFactors’ first acquisition of the year; in February the company bought Inform for $40.5 million.