Slack shares rise after possible Salesforce acquisition

News circulated that Salesforce wants to buy Slack, which is famous for being a conversational company used in the labor market, which led to the company’s shares rising significantly today, by nearly 25% so far, as the value of one share reached $36.95, giving the company a market value of 20.8 billion. dollar.

Conversely, Salesforce shares fell 3.5%, as investors in the leading investment firm SaaS were not impressed with the takeover idea or perhaps worried about the asking price to include Slack, which was launched in the stock market last year.

When Salesforce purchased Quip for $750 million in 2016, which added the company’s document-sharing features, Salesforce Chatter was the only social sharing tool in the company’s arsenal, and the Slack purchase would provide the company with a strong conversational base in the job market and between businesses and increase customer compatibility and their use of the tools. Slack will add a steady revenue stream to the company, which they’ve been searching for to ensure their revenue continues to flow.

Slack saw this deal as a way to tease its former ally-turned-competitor, Microsoft, because Microsoft had suffered so much when it bolstered its rival in the highly-growth Teams market in the past quarters.

With Slack joining the top tier of tech giants, Microsoft’s strong ability and massive sales of enterprise software and enterprise services will have a hard time influencing Slack, and Salesforce, at times an ally of Microsoft, didn’t mind the idea of including the fast-growing Slack in the company.

Related Articles

Back to top button