Salesforce Purchases ExactTarget
It's been a busy year thus far for Salesforce. In between launching a range of new features and buying a couple of companies, they also unveiled some strong financial results for the final quarter of their financial year.
The news today that they've bought marketing software company ExactTarget probably tops the lot though.
The acquisition, valued at $2.5 billion, is the 8th the company has made in the past year, and joins their purchase of Buddy Media last August as their biggest foray into the social media world.
ExactTarget are most well known for their email marketing software, but they also offer services in the mobile and social marketing fields. The company has over 6,000 customers including blue chip names such as Nike and Gap.
CEO Marc Benioff has called the deal their most important ever, and suggested that the deal marks the end of their foray into the markets for new targets.
"I really think what you are going to see is us taking a vacation from M&A for anywhere between probably 12 and 18 months," he said on a conference call with analysts on Tuesday.
The purchase represented a 53% premium on Monday's closing price on ExactTarget stock, with Salesforce paying $33.75 per share for the company.
Salesforce.com said its revenue for fiscal year ending January 2014 would increase by $120 million to $125 million as a result of the ExactTarget acquisition, which is expected to close in the quarter ending July 31.