Salesforce.7 will buy the workplace application Slack in a .7 27.7 billion deal

Salesforce has agreed to buy the workplace messaging app Slack in a 27.7 billion deal, the largest by a cloud-computing pioneer as it sits on an extended run for remote working and intensifies its competition with micro .ft.

The deal enables Salesforce to provide businesses with an integrated platform for their employees, customers and partners to connect with each other, and utilize applications that strengthen its enterprise portfolio.

For Slack, the deal comes as he struggles to fully earn the switch to remote working during the Covid-19 epidemic.

Slack replaced workplace communications with a focus on real-time messaging that can be broken down into conversations with groups assembled on the fly, which is smarter than email.

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But the messaging style that helped create Slack has become a highly competitive space, with the larger, older rival MicroSF aggressively promoting the production of its similar teams with integrated video and voice calling.

Microsoft has also bundled teams with many of its office fee software software packages, an added attraction for companies looking to save costs during an outbreak.

The deal allows Salesforce to gain more in-depth access to collaboration and business communications, and is good for Slack, especially in increasing their access to their non-technical companies, said DA Davidson analyst Shi Jaluria.

Slack shareholders will receive 26.79d cash per share of Salesforce and 0.0776 shares of Salesforce common stock or .545.5 per share, depending on the closing price of Salesforce on Tuesday.

The offer represents a premium of 54% since the first report on the deal was released last week.

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Shares of Slake fell marginally in extended trading on Tuesday. 43.73, while the share of Salesforce has gone above 4%.

“(Salesforce) shares will be limited in the short term due to the large number of transactions, but we will trust CRM to see the benefits of this deal and see a share recovery,” said Raymo Lensho, an analyst at Barclays.

Salesforce reported third-quarter revenue of 5. 5.42 billion, according to Refinitive’s IBES data.

Salesforce also said Chief Financial Mark Fisher Mark Hawkins will retire in January and be replaced by Chief Legal Officer Fisher Amy Weaver.

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