US software company Salesforce has signed a deal to acquire Slack Technologies for $35.85 billion ($27.7 billion USD).
Salesforce announced Tuesday that it’s signed a definitive agreement to acquire Vancouver-founded Slack and integrate the communications platform into its customer relationship management software.
“This is a match made in heaven,” Salesforce chair and CEO Marc Benioff said in a news release. “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.”
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Slack was founded back in 2009 here in Canada by some of the same people who created Flickr. Nowadays Slack’s headquarters are in San Francisco.
Slack is known for its workplace communications platform, which blends elements of email, instant messaging, and group chats. Recently, it’s faced competitive pressure from Microsoft Teams, a similar workplace communications product released in 2017.
Salesforce offers marketing software that allows clients to organize their customer information efficiently. The company is also headquartered in San Francisco, but it has offices in Toronto, Vancouver, and Montreal.
Slack’s shareholders will receive $34.66 (US$26.79) in cash and 0.0776 shares of Salesforce for each Slack share through the deal. This valuation is significantly higher than Slack’s $25.23 billion (US$19.5 billion) valuation when it first went public last year.