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- Salesforce shares slipped Tuesday after the company announced an agreement to buy Braze in a $5.66 billion deal.
- Braze shareholders will receive $47.50 in cash per share under the terms of the deal.
- Shares of the customer engagement platform skyrocketed 50% in premarket trading.
Sheldon Cooper | Lightrocket | Getty Images
Shares of Salesforce slipped roughly 1% on Tuesday morning, after the company announced an agreement to buy customer engagement platform Braze for about $5.66 billion.
Under the deal, holders of Braze Class A common stock will get $47.50 in cash per share, with the transaction expected to close in fiscal 2028, according to a Salesforce blog.
Braze shares closed at $30.04 on Monday. The stock skyrocketed more than 50% on Tuesday after a brief halt premarket following the news. The company makes artificial intelligence marketing tools to manage customer data and messaging.
“Salesforce shares our commitment to marketers, and we’ll continue building as Braze and investing in the Braze community of customers and partners who built this company with us,” Bill Magnuson, CEO of Braze, said in a statement. “Salesforce’s platform will help us innovate faster and together we’ll help marketers around the world build deeper, more lasting relationships with their customers.”
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