Salesforce has had a good year financially, surpassing $21 billion in annual revenue for 2020. Meanwhile, Salesforce's stock plummeted by 15Ĥ% from before the deal was announced, leading to a total loss in market value of $32 billion USD.Despite the drop in value, Salesforce and Slack are confident that this deal aligns with the strategic objectives of both firms, combining Slack's business communications software with Salesforce's Customer Relationship Management (CRM) products to create a comprehensive and collaborative enterprise platform.Founded in 1999, Salesforce is an American cloud software company which primarily offers CRM services.The firm is one of the largest software companies in the world, employing 49,000 people around the world and currently sitting at a market value of over 204 Billion.
To cap off an extraordinary year for businesses worldwide, Salesforce has officially announced on the 1st of December, 2020 that it would be acquiring collaboration software developer Slack for $27.7 billion USD.This acquisition would go down as the second largest software transaction in history, the price of which represents a 55% premium to Slack's market cap at the time of announcement.Markets reacted immediately as Slack's stock price soared by 38% within the first day.
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