MEGA BUSINESS: A pioneer in the world of cloud software takes over Slack for 28 billion. USD
Salesforce announced that it is downloading the business communication application Slack for 27.7 billion dollars, which is the largest acquisition in the history of the software company from San Francisco.
Under the terms of the agreement, Slack shareholders will receive $ 26.79 in cash and 0.0776 Shares of Salesforce for each Slack share. The move will allow Salesforce, a pioneer in the world of cloud software, to boost its business offering.
Salesforce is a customer relationship management (CRM) platform that allows companies to access a wide variety of customer data – from what they are called, what their favorite color is, whether they have children, how much they spend, what time they buy the most, what they spend on. VIP customers and the like. It allows companies to monitor the business of certain branches and see where the most sought after, what kind of clientele comes… Salesforce is mainly used for marketing and sales, because based on this data can be created narrowly targeted campaigns for a number of clients, even just one client.
Salesforce reported revenue of $ 5.42 billion in the third quarter, up 20% from the same period last year. The results exceeded analysts’ expectations, but revenue growth slowed compared to the two previous quarters this fiscal year.
The company also announced the resignation of Chief Financial Officer Mark Hawkins, who will leave his position on January 31. He will continue his work at the company as an advisor to CFO of Salesforce until October 2021. He will be replaced by Amy Weaver, the current president of Salesforce’s legal department.
Launched in 2013, Slack is a workplace communication tool popular with technology, media companies and retailers. It is used by Amazon, IBM, TD Ameritrade, CNN and many others. This was a particularly good year for a company whose shares have jumped as much as 59% since the beginning of the year.
In the latest quarterly earnings report released in September, the company reported more than 130,000 customers, up 30% from last year.
Taking over a company from a giant like Salesforce can further accelerate the growth of Slack’s user base.
“Together, Salesforce and Slack will shape the future of business software and transform the way everyone works in a fully digital world, from anywhere,” said Salesforce CEO Merk Benioff.
The acquisition will position Salesforce and Microsoft, with their communication platform Teams, as closer competitors in the remote collaboration space.
As Teams comes bundled with Microsoft Office products that are often used in the workplace, it has seen significant user growth as more people work remotely. CEO Sati Nadel said the number of active daily Team users rose to 75 million by the end of April, up from 44 million in mid-March. In October 2019, the last time he reported this specific metric, Slack said he had 12 million active daily users.
Last year, Salesforce bought data analytics firm Tableau Software for $ 15.7 billion to help companies better visualize their data, and previously bought Mulesoft, a software company that connects different systems, for $ 6.5 billion.
The deal is expected to close in the second quarter of fiscal year 2022, subject to approval by Slack shareholders and regulators.
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