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Slack’s shares rose more than 24% on Wednesday after Salesforce reported in the Wall Street Journal that it had held talks to buy the company.
The deal would likely value Slack at more than its pre-report market cap of $ 17 billion, according to the report.
Salesforce was on an acquisition path and used the growth in market capitalization in recent years to buy growth. MuleSoft bought it for $ 6. 5 billion in 2018, the company’s largest business to date to support cloud application connectivity. The following year, the company spent more than double that on Tableau and acquired the data visualization company for $ 15. 3 billion. Slack would be one of the biggest software deals in the industry.
A deal is not guaranteed and the talks could prevail, the Wall Street Journal reported.
The stocks of Microsoft, which compete with Slack through their team offering, also made light appearances on the report.
Microsoft is already competing with Salesforce on customer tracking software. Microsoft reportedly wanted to buy Salesforce, but no deal came about. Microsoft later launched the team communication app.
« Our main competitor right now is Microsoft Corporation, » said Slack when it wanted to become a public company in 2019. Microsoft has a large customer base that could be converted to Teams, and Salesforce could give Slack a similar advantage.
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Salesforce, Slack Technologies, Stock, NYSE: CRM
World News – US – Slack stocks rise after report of possible acquisition of Salesforce
Ref: https://www.cnbc.com
