CRM solutions giant Salesforce to acquire digital marketing software maker ExactTarget for $2.5B
San Francisco-based Salesforce.com, the world's largest provider of customer relationship management (CRM) software, has offered to acquire NYSE-listed digital marketing software provider ExactTarget for approximately $2.5 billion, as per a company statement.
As per the terms of the agreement, Salesforce will commence a tender offer for all outstanding shares of ExactTarget for $33.75 per share, in cash.
ExactTarget was founded in 2000, and it claims to have 6,000 clients including Coca-Cola, Gap and Nike which use the company's software. After the acquisition, it is expecting to mark revenues in the range of $3.95 billion to $4 billion, an increase of 30- 31 per cent year-over-year for the financial year 2014.
ExactTarget is eleventh acquisition for Salesforce.
"The CMO is expected to spend more on technology than the CIO by 2017," said Marc Benioff, chairman and CEO, Salesforce.com. He also said that the addition of ExactTarget makes Salesforce the starting place for every company and puts Salesforce.com in the pole position to capture this opportunity.