slack salesforce acquisition
New York (CNN) Salesforce is buying workplace messaging app Slack for $27.7 billion, marking the largest acquisition in the San Francisco-based cloud-based company's history. Most stock quote data provided by BATS. The definitive agreement marks an estimated enterprise value of $27.7 billion based upon Salesforceâs current trading price. Salesforceâs $27.7 billion acquisition of team chat software vendor Slack was announced last week, with CEO Marc Benioff heralding the deal as ⦠No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Salesforce is building a one-stop workplace software shop to rival the likes of Microsoft. He added that currently, 90% of Slack's enterprise customers are also Salesforce customers. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. for a $10.0 billion senior unsecured 364-day bridge loan facility, subject to customary conditions. Salesforce CEO Marc Benioff in a call with analysts Tuesday called Slack a "supercharger" for Salesforce. Slack may have ended 2020 sitting pretty on a $27.7 billion acquisition by Salesforce, but itâs starting the first workday of 2021 for many with some unexpected downtime. In connection with the proposed transaction, Salesforce intends to file with the SEC a registration statement on Form S-4 that will include a proxy statement of Slack and that also constitutes a prospectus of Salesforce. Salesforce (NYSE: CRM), the global leader in CRM, and Slack Technologies, Inc. (NYSE: WORK), the most innovative enterprise communications platform, have entered into a definitive agreement under which Salesforce will acquire Slack. The deal brings together two software-as-a-service (SaaS) giants, with Slack seeing explosive growth since its founding in 2009. The combination will create the operating system for the new way to work, uniquely enabling companies to grow and succeed in the all-digital world. Slack will be deeply integrated into every Salesforce Cloud. Salesforce's acquisition of Slack would likely dwarf those deals. Slack and the Slack logo are trademarks of Slack Technologies, Inc. or its subsidiaries in the U.S. and/or other countries. Last year saw exponential growth in demand for collaboration, with the likes of Zoom, Ciscoâs CSCO, 0.10% Webex and Microsoft Teams all seeing massive growth. But moving on, Salesforce.com announced yesterday and probably the least well-kept secret of the week that it was going to acquire Slack in a cash and stock deal that was worth just short of ⦠The definitive proxy statement/prospectus (if and when available) will be mailed to stockholders of Salesforce and Slack. Qatalyst Partners LP and Goldman Sachs & Co LLC are serving as financial advisors to Slack. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Salesforceâs and Slackâs respective periodic reports and other filings with the SEC, including the risk factors identified in Salesforceâs and Slackâs most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. With its intuitive user experience and high adoption, Slack brings hefty benefits to the table. 1 CRM platform with the most innovative enterprise communications platform creates the operating system for the new way to work. Information about the directors and executive officers of Slack, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Slackâs proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on May 5, 2020, and Slackâs Annual Report on Form 10-K for the fiscal year ended January 31, 2020, which was filed with the SEC on March 12, 2020. The opportunity we see together is massive,â said Stewart Butterfield, Slack CEO and Co-Founder. Each of Salesforce and Slack may also file other relevant documents with the SEC regarding the proposed transaction. Technology What Salesforce's $27.7 Billion Acquisition of Slack Means for the Workplace With the acquisition, Slack is set to become the interface for Salesforce's software. Salesforce signs definitive agreement to acquire Slack. "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 said in a statement. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Since rumours first broke of the announcement of the acquisition, Slack shares bounced from $29 to $40 a share. Slackâs open platform seamlessly integrates with more than 2,400 apps that people use to collaborate, communicate and get work done. Specifically for Slack, CRM noted at the Morgan Stanley Global TMT Conference on March 3, 2021 that "Salesforce is a user-based model," but "there is ⦠[email protected], Or, connect with Investor Relations at 1-415-536-6250, Salesforce Signs Definitive Agreement to Acquire Slack, https://www.businesswire.com/news/home/20201201006156/en/. Slack Salesforce, the global CRM leader, empowers companies of every size and industry to digitally transform and create a 360° view of their customers. Personally, I believe this is the most strategic combination in the history of software, and I canât wait to get going.â, Acquisition to Create the Operating System for the New Way to Work. Information about the directors and executive officers of Salesforce, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Salesforceâs proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on May 1, 2020, and Salesforceâs Annual Report on Form 10-K for the fiscal year ended January 31, 2020, which was filed with the SEC on March 5, 2020, as well as in a Form 8-K filed by Salesforce with the SEC on June 1, 2020. Connecting people and data across systems, apps and devices is one of the biggest challenges companies face in todayâs all-digital world. Slack is a big bite, and an imperfect fit, but if ⦠Salesforce to Acquire Slack for $27.7 Billion The move caps an acquisitive streak by Salesforce and ends Slackâs run as an independent publicly ⦠Together, Salesforce and Slack will create the most extensive open ecosystem of apps and workflows for business and empower millions of developers to build the next generation of apps, with clicks not code. Itâs the leading channel-based messaging platform, used by millions to align their teams, unify their systems, and drive their businesses forward. Salesforce has obtained a commitment from Citigroup Global Markets Inc., Bank of America, N.A. CEO Satya Nadella s, "The core reason for this deal in our opinion is to keep pace with the cloud behemoth in Redmond," Wedbush analyst Dan Ives said in a note to investors Tuesday, referring to Microsoft. Salesforce.com, inc. (NYSE: CRM) announced yesterday the acquisition of Slack Technologies (NYSE: WORK). 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. Is Slack Publicly Traded. 415-819-2987 The results beat analyst expectations, but revenue growth slowed compared to the two earlier quarters in this fiscal year. Slack is the largest acquisition in Salesforceâs 21-year history. Salesforce is the #1 CRM that enables companies to sell, service, market and conduct commerce, from anywhere. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. These forward-looking statements generally can be identified by phrases such as âwill,â âexpects,â âanticipates,â âforesees,â âforecasts,â âestimatesâ or other words or phrases of similar import. They need to deliver connected experiences for their customers across every touchpoint and enable their employees to work seamlessly wherever they are. [email protected], Gina Sheibley Salesforce The company also announced the retirement of Chief Financial Officer and President Mark Hawkins, who will leave his role on January 31 and transition to an advisory role as Salesforce's CFO emeritus through October 2021. Investors and security holders will be able to obtain free copies of the registration statement and proxy statement/prospectus (if and when available) and other documents containing important information about Salesforce, Slack and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The deal is expected to close in the second quarter of Salesforce's fiscal year 2022, subject to approval by Slack shareholders and regulators. Under the terms of the agreement, Slack shareholders will receive $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share, representing an enterprise value of approximately $27.7 billion based on the closing price of Salesforceâs common stock on November 30, 2020. An acquisition from an enterprise software and services giant like Salesforce could help accelerate Slack's user growth even more. That disparity helps to explain why Slack sold itself this week to Salesforce. 917-297-8988 Slack serves leading organizations in every industry around the world, from the fastest growing startups to Fortune 500 companies, such as Starbucks, Target and TD Ameritrade, along with leading academic institutions, non-profits, and governments in more than 150 countries. Copies of the documents filed with the SEC by Slack will be available free of charge on Slackâs website at investor.slackhq.com or by contacting Slackâs Investor Relations department at [email protected]. The forward-looking statements included in this communication are made only as of the date hereof. âThis is a match made in heaven. The spread is ⦠This communication relates to a proposed business combination transaction between Salesforce.com, Inc. (âSalesforceâ) and Slack Technologies, Inc. (âSlackâ). Salesforce (NYSE: CRM), the global leader in CRM, and Slack Technologies, Inc. (NYSE: WORK), the most innovative enterprise communications platform, have entered into a definitive agreement ⦠This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Salesforce's Slack Acquisition Could be Huge, or a Huge Flop Salesforce usually gets acquisitions right. By Clare Duffy and Samantha Murphy Kelly, CNN Business. Together, Salesforce and Slack will give companies a single source of truth for their business and a unified platform for connecting employees, customers and partners with each other and the apps they use every day, all within their existing workflows. SAN FRANCISCO--(BUSINESS WIRE)-- The acquisition sets up a showdown with Microsoft and its Teams platform over the future of collaboration and digital work. Slack Connect extends the benefits of Slack to enable communication and collaboration between a company's employees and all its external partners, from vendors to customers. Salesforce has also entered into a voting agreement with certain stockholders of Slack common stock, under which each such stockholder has agreed to vote all of their Slack shares in favor of the transaction at the special meeting of Slack stockholders to be held in connection with the transaction, subject to certain terms and conditions. The board of directors of each of Salesforce and Slack have approved the transaction and the Slack board recommends that Slack stockholders approve the transaction and adopt the merger agreement.