He has set an annual revenue goal of $35bn for Salesforce by fiscal 2024, compared with $17bn in fiscal 2020.
Mr Benioff for years has turned to acquisitions to keep his product lineup fresh. Bloomberg News and other publications reported that companies including Amazon, Microsoft and Alphabet’s Google expressed interest in buying Slack at various times when it was still private. Slack, launched in 2013, went public via a direct listing in 2019. Slack, which is expected to increase its sales almost 40 per cent to $877 million this fiscal year, could help that effort. Salesforce, among the first of the fast-growing cloud software companies when it went public in 2004, strives to generate year-over-year revenue increases of more than 25 per cent. Slack stock surges at debut and values company at more than $23bn The stock has almost doubled in 2020, with about half of that gain coming since the acquisition talks were reported. Slack’s shares were little changed after closing at $43.84. The stock has jumped 48 per cent this year. Salesforce’s shares declined about 4 per cent in extended trading after closing at $241.35.
“This is the most strategic combination in the history of software, and I can’t wait to get going.” “The opportunity we see together is massive,” Mr Butterfield said in the statement. He said he is excited to join the company that sparked the cloud revolution. Stewart Butterfield, Slack’s co-founder and chief executive, will continue to run the business as a Salesforce unit when the deal is completed. “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,” Mr Benioff said in the statement. Microsoft’s Teams product, which offers a workplace chatroom, automation tools and videoconference hosting, is a top rival to Slack. The Slack deal would give Salesforce, the leader in programmes for managing customer relationships, another angle of attack against Microsoft, which has itself become a major force in internet-based computing. Salesforce chief executive Marc Benioff has orchestrated more than 60 acquisitions in 21 years, taking his company from dot-com era upstart to a titan of cloud computing. Slack investors will receive $26.78 for each company share as well as 0.0776 share of Salesforce - representing a 55 per cent premium to Slack’s price on November 24, the day before reports about deal talks between the companies. The transaction, Salesforce’s largest-ever acquisition, is expected to close by the end of July, the San Francisco-based company said Tuesday in a statement. agreed to buy Slack Technologies for $27.7 billion in cash and stock, giving the corporate software giant a popular workplace-communications platform in one of the biggest technology deals of the year.
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