Salesforce has announced its agreement to buy CRM software provider Vlocity for $1.33 billion.
Additionally, Salesforce reported revenues of $4.85 billion for the fourth quarter of its fiscal year 2020 – marking an increase of 35% YoY.
As a result, former chairman of Salesforce, Gavin Patterson, will serve as the new president and CEO of Salesforce International. Co-CEO Keith Block will be stepping down, while founder and CEO Marc Benioff will continue to serve as the company’s sole CEO. The acquisition is expected to close during the second quarter of the Salesforce fiscal year 2021.
Vlocity builds software on top of Salesforce that is customised for verticals such as insurance and media. Salesforce hopes this acquisition will help Vlocity expand its name and open new industry capabilities.
David Schmaier, Vlocity CEO and founder said: “Because every organisation, 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.”
