Salesforce.com Scoops Up Buddy Media For $689 Million

Salesforce.com Scoops Up Buddy Media For $689 Million
News
Like Us On Facebook
Like Us On Facebook

Salesforce.com has officially entered into an agreement to acquire Buddy Media, the companies announced today. According to enterprise cloud-computing firm Salesforce.com, it will pay $689 million in cash and equity to acquire the social media marketing company, confirming earlier reports that the firms were nearing a deal.

The companies expect the deal to close during Salesforce’s fiscal third quarter ended October 31.

For Salesforce, the synergy between the companies made the deal. Salesforce currently offers a “social media listening platform” called Radian 6 that the company says, will be vastly improved by Buddy Media’s social media marketing service.

“Salesforce.com now has the number one players in social listening and marketing – Radian6 and Buddy Media,” Marc Benioff, chairman and CEO of salesforce.com said today in a statement. “With CMOs surpassing CIOs in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity.”

Under the terms of the deal, Salesforce will pay Buddy Media $467 million in cash. Another $184 million will come in the form of Salesforce stock. The remaining $38 million will include vested Salesforce options and restricted stock units.

In pre-market trading, Salesforce.com is trading down nearly 2 percent this morning to $128.46 following news of the acquisition.

CNET

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In News

Also On Elite

Politics

Kazakhstan Politician Calls For Blood Tests To Identify Gay People In The Country

Extreme right-wing nationalists in Kazakhstan have proposed blood tests to identify homosexuals. According to the Independent, the leader of the Bolashak, or “Future,” movement suggested the tests in addition to a ban on “gay propaganda,” similar to Russia’s historic homophobic law. Politician Dauren Babamuratov made his case standing in front of a poster that read […]

Life

12 Reasons Why Your Brother Is The Most Important Man In Your Life

Dads get a lot of credit. They have their own holiday, special gift baskets and the biggest serving at the dinner table. Too often, little brothers get overlooked. They don’t get anywhere near the kind of recognition they deserve, and that’s a shame. At the end of the day, while your dad might be a […]