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  /  Tech   /  Daily-Briefs   /  Salesforce Reach Terms to Acquire Slack For $27.7 Billion
Salesforce

Salesforce Reach Terms to Acquire Slack For $27.7 Billion

Salesforce and Slack have finally confirmed that the former would acquiring the enterprise communication and collaboration company for a $27.7 billion fee.

 

The acquisition is the largest that the CRM giant has made; making it bigger than rival Microsoft’s acquisition of LinkedIn for $26.2 billion. Interestingly, the company’s share price dropped yesterday when rumors of today’s announcement began making the rounds since the deal could involve a dilution of shares of existing shareholders for the financing. However, Slack saw a bump in its stock price as talks of the announcement started spreading.

 

Salesforce CEO Marc Benioff said in a prepared statement that the companies are “a match made in heaven”. “Together, Salesforce and Slack will shape the future of enterprise software; and transform the way everyone works in the all-digital, work-from-anywhere world”, Benioff added. Slack CEO Stewart Butterfield also provided a statement to TechCrunch; noting that the deal was “the most strategic combination in the history of software”.

 

Slack rivals the likes of Microsoft’s Teams, which is seeing widespread adoption; accelerated by the challenges brought by the pandemic. Slack has also reportedly lost 40% of its value early this year since going public; the infusion of capital brings a needed boost.

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Additionally, Salesforce says that Slack will “Become the New Interface for Salesforce Customer 360”; adding that the service will be integrated into “every Salesforce Cloud”. With Slack Connect further expanding communication across organizations, the CRM giant says that the merger will “give companies a single source of truth for their business; as well as a unified platform for connecting employees; customers; and partners with each other and the apps they use every day; all within their existing workflows”.

 

Salesforce is expected to finance the deal through a combination of “new debt” from an assortment of banks; and “cash on Salesforce’s balance sheet”. The deal is expected to close in Salesforce’s fiscal year 2022 post regulatory and shareholder approvals.

 

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