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US software company Salesforce plans to purchase corporate news platform Slack, the Wall Street Journal reported on Wednesday, which led to a surge in share prices for the young company.
Slack, which has grown in popularity since the coronavirus pandemic began, saw its shares rise 32 percent.
Trading was temporarily suspended, but prices still rose nearly 24 percent around 1:00 p.m. (11:30 p.m. IST). .
The two companies have entered into merger talks for an agreement under which Slack could be worth more than its current market cap of $ 17 billion (approximately Rs). 1,25,500 crores), the Journal reported.
« If Salesforce goes down this path, it would create a chain reaction for more cloud software deals in 2021, » said Dan Ives, an analyst at Wedbush.
This could pave the way for further mergers in the cloud tech sector, Ives said, especially since this move could establish Salesforce as a competitor to Microsoft, which owns Slack rival teams.
Salesforce acquired data software company MuleSoft in 2018 for around US $ 6. 5 million (approximately Rs. 47 crores) and Tableau data visualization tool for $ 15. 7 billion (roughly Rs. 1,15,900 crores) in 2019.
Slack, which is said to make it easier for employee teams to collaborate online, has seen a boom as remote working gained culturally a foothold during the COVID-19 pandemic.
In its most recent quarterly report, the company stated a 49 percent increase in sales for May, June and July to $ 216 million (around Rs. ). 1. 600 crores). The platform counts 1. 30th. 000 paying customers.
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Salesforce, Slack Technologies, Cloud Computing, Customer Relationship Management, Warehouse
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Ref: https://gadgets.ndtv.com
