Salesforce Signs Agreement to Acquire Vlocity for $1.33B

Vlocity delivers industry-specific cloud and mobile software that embed digital, omnichannel processes for customer-centric industries.

Salesforce recently announced that is has entered into an agreement to acquire Vlocity, Inc. ("Vlocity"), a provider of industry-specific cloud and mobile software built natively on the Salesforce platform. Under the terms of the agreement, the Company will acquire Vlocity for approximately $1.33 billion, net of the value of shares currently owned by the Company, subject to customary purchase price adjustments. The purchase price will be paid in cash and the assumption of outstanding unvested equity awards held by Vlocity employees.

SALES ENABLEMENT IN THE EXPERIENCE ECONOMY: STRATEGIC CONSIDERATIONS FOR B2B ENTERPRISES

Seismic is the recognized leader in sales and marketing enablement, equipping global sales teams with the knowledge, messaging, and automatically personalized content proven to be the most effective for any buyer interaction.

Register Now

Marketing Technology News: 57% of Marketers to Increase Their Influencer Budgets in 2020, Reports Linqia

"I am thrilled to share that today Salesforce has signed a definitive agreement to acquire Vlocity. Upon the close of the transaction, Vlocity – this wonderful company that we, as a team, have created, built, and grown into a transformational solution for six of the most important industries in the enterprise – will become part of Salesforce. Because every organization, including the world’s largest customer-centric corporations and industries, must digitally transform, it is more important than ever for our customers to have products that speak the language of their industries. Our deep expertise in vertical industries enables organizations to digitally transform while delivering seamless, industry-specific processes and data models across any channel, helping to increase sales, service and marketing agility, operational efficiency, digital adoption and simplicity." posted David Schmaier, CEO & Founder, Vlocity on company's blog. 

Marketing Technology News: Sprinklr Releases 400 New Features across its 5 Products; Introduces Support for Facebook Messenger

The acquisition is expected to close during the second quarter fiscal 2021, subject to customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The anticipated financial impact of the Vlocity acquisition is reflected in the Company's revenue, non-GAAP earnings per share, and operating cash flow guidance for the full fiscal year 2021, provided herein. 

Keith Block Steps Down as Salesforce Co-CEO; Marc Benioff is Chair and CEO

Salesforce also announced that Keith Block has stepped down as co-CEO of Salesforce and Marc Benioff is Chair and CEO of the company. Block is remaining as Advisor to the CEO.

"It's been my greatest honor to lead the team with Marc that has more than quadrupled Salesforce from $4 billion of revenue when I joined in 2013 to over $17 billion last year," said Block. "We are now a global enterprise company, focused on industries, and have an ecosystem that is the envy of the industry, and I'm so grateful to our employees, customers, and partners. After a fantastic run I am ready for my next chapter and will stay close to the company as an advisor. Being side-by-side with Marc has been amazing and I'm forever grateful for our friendship and proud of the trajectory the company is on."

"I am especially grateful to Keith for his service to Salesforce over the last seven years. I am delighted that he will be staying on as an advisor to me," said Benioff. "Keith's strategic thinking and operational excellence have deeply strengthened our company, and our close friendship endures. I am Keith's biggest supporter as he creates the next chapter of his storied career. He will always be part of our Ohana."

Salesforce also announced today that it has named Gavin Patterson, former BT Group plc Chief Executive, its President and CEO of Salesforce International.