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    Salesforce is Set to Take on Microsoft with $27.7bn Acquisition of Slack

    Tomiwa OnaleyeTomiwa Onaleye
    2 months ago
    Salesforce is Set to Take on Microsoft with $27.7bn Acquisition of Slack

    Popular Customer Relation Management (CRM) company, Salesforce has acquired Slack in a $27.7 billion megadeal. The announcement confirms earlier rumours about the deal that saw Slack shares spike during the previous week.

    While both companies signed a definitive merger agreement, the deal won’t be closed until the second quarter of Salesforce’s fiscal year 2022. This is subject to approval by the Slack stockholders, the receipt of required regulatory approvals, and other customary closing conditions.

    The second quarter of Salesforce’s fiscal year 2022 will end on July 31, 2021. 

    Salesforce is Set to Take on Microsoft with $27.7bn Acquisition of Slack

    According to a press release, 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 Salesforce’s common stock on November 30, 2020.

    Speaking on the acquisition, Salesforce co-founder and CEO, Marc Benioff, expressed that the joining of both companies will shape the future of enterprise solution.

    “This is 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 said in a statement.

    Marc Benioff, Salesforce co-founder and CEO

    Similarly, Slack CEO, Stewart Butterfield, believes that the acquisition is the most strategic combination in the history of software.

    Going forward, Salesforce is sure to include Slack in some of its broader bundles and leverage on its ability to integrate with other enterprise software.

    Salesforce + Slack Vs Microsoft

    The combination of Slack and Salesforce creates a stronger enterprise solution that is now at par and in competition with Microsoft.

    Salesforce is in fierce competition with Microsoft to win over businesses that are in the market for cloud-based services and products. Slack too is in a similar competition with Microsoft Teams.

    But Salesforce has been largely unable to match Microsoft Teams with an equivalent offering until now.

    With the addition of Slack to its family of offerings, the company is taking a giant leap towards becoming a one-stop-shop for businesses. This means that the SaaS giant could potentially provide its customers with a central place to work without changing platforms.

    According to the press release, Slack will be deeply integrated into every Salesforce Cloud” and will become “the new interface for its Customer 360.”

    Related post: COVID-19: From Google Hangouts to Slack, Here are 5 Apps That Can Help You Work Remotely

    Biggest deal Yet

    Salesforce’s acquisition of Slack comes years after it bought Quip for $750 million. This was followed with an attempt to buy Twitter in 2016 but the deal fell through.

    This latest $27.7 billion acquisition is the biggest deal yet by the SaaS giant.

    In retrospect, the acquisition of Slack isn’t surprising. Coming into 2020, the company had lost around 40% of its value since listing and also lost more than $147 million during the first two quarters of the year.

    $27.7bn

    While its most recent earnings report shows that the company has lost just 16% of its value, the fact remains that its path to profitability and public valuation hasn’t exactly been exciting.

    Following the leak of the deal, Slack’s valuation rose by about 48%. According to Yahoo, its current valuation is just over $25 billion.

    Slack’s shares rose from $24.10 in early November to $43.84 on Tuesday

    In summary,

    Although details as to what the acquisition will mean for both users and customers has not yet been revealed, a combination of services will mean more options for businesses that opt for Salesforce.

    Ranking the Top 5 Remote Working Tools Used During the Lockdown

    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


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    Tomiwa Onaleye

    Tomiwa Onaleye

    Tomiwa Onaleye is a content writer that mines emotion bred from words. He is an avid lover of gadgets and Tech World. He graduated with B.Sc Mechanical from the prestigious University of Ibadan.

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