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.
Related stories
- Salesforce.com reportedly to acquire Buddy Media
- Okta aims to make cloud identity secure for the enterprise
- Salesforce CEO dumps on Apple iPad event via Twitter
- Salesforce.com loses fight to obtain Forces.com domain name
- Salesforce.com hits 3rd-quarter revenue of $584 million
“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.
Related Links:
Salesforce.com reportedly to acquire Buddy Media
Ellison: Oracle’s cloud will cast a shadow over enterprise software world
Why is Facebook so cryptic about its outage?
HP shuffles executives, names Veghte COO
Olympus eyes layoffs, equity stake sale in wake of scandal
via CNET Latest News http://news.cnet.com/8301-1023_3-57446431-93/salesforce.com-scoops-up-buddy-media-for-$689-million/?part=rss&subj=latest-news2&tag=title
