Author: Jane Edwards|| Date Published: February 26, 2020
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.
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