Salesforce to Acquire Vlocity for $1.33B

Jeff Brody

Salesforce (NYSE: CRM) has agreed to buy Vlocity, a San Francisco-based cloud and mobile software provider, for approximately $1.33B.

The transaction is expected to be finalized in the second quarter of fiscal 2021, subject to the waiting period’s expiration under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions, Salesforce said Tuesday.

Salesforce said Vlocity’s offerings will complement its product knowledge and industry capabilities and provide clients with more tools and expertise to advance digital transformation.

David Schmaier, CEO and founder of Vlocity, announced the deal in a blog post published Tuesday and said Vlocity will bring to Salesforce its deep expertise in government, communications, energy, media and entertainment, insurance, utilities, insurance and health industries to help organizations facilitate digital transformation.

Salesforce will use existing cash and assume outstanding unvested equity awards held by Vlocity employees to fund the acquisition.

You may also be interested in...

Dana Mehnert President

L3Harris Receives $82M SOCOM Order for Falcon IV Manpack Radios; Dana Mehnert Quoted

L3Harris Technologies (NYSE: LHX) has received an $82M order to manufacture Falcon IV AN/PRC-167 radios for the U.S. Special Operations Command's Next Generation Tactical Communications program.

Leidos

Leidos to Help Modernize HUD Contact Center Through GSA CoE Program

Leidos (NYSE: LDOS) has received a contract to help the Department of Housing and Urban Development establish a resource center for the Federal Housing Administration as part of the General Services Administration’s Centers of Excellence initiative.