Slack salesforce4/30/2023 ![]() A few years later, he shifted to the instant messaging service whose name was an acronym for "Searchable Log of All Conversation and Knowledge." Leggett predicted Salesforce would benefit from owning Slack because it will add a popular collaboration tool to its own software suite, which is focused on managing customer relationships for businesses and government agencies. In his next act after leaving Flickr, Butterfield decided to focus on gaming with a startup called Tiny Speck that launched in 2009. Flickr got lost in the shuffle at Yahoo amid years of turmoil before it was finally sold again in 2018 to SmugMug. "Microsoft Teams is eating Slack's lunch." Slack co-founder Stewart Butterfield will be hoping this sale works out better than when another company he started, photo sharing service Flickr, was sold to Yahoo 15 years ago. "This is a stellar exit strategy for Slack," said Kate Leggett, an analyst at Forrester Research. Before news reports of a potential deal with Salesforce surfaced last week, Slack's stock was still hovering around its initial listing price of $26 when the company went public nearly 18 months ago. Slack, on the other hand, hasn't proven as popular with investors, even though its service that publicly launched in 2014 is being increasingly used by companies and government agencies looking for more nimble alternatives than email. Julia La Roche is a correspondent for Yahoo Finance. Shares of Salesforce are up 7.9% year-to-date. Shares of Salesforce were last trading up 0.14%, or 34 cents, near $240.45 in the pre-market. ![]() ![]() Every business-in every industry-has to optimize for a digital-first customer, employee, and partner experience," the company said in its announcement. "Headquarters are no longer on Madison Avenue or Main Street-they are in the cloud. Last week, the Department of Justice told the company it closed its antitrust investigation of the deal, giving the green light for the transaction's close.Īs companies debate the future of work post-COVID, Salesforce said companies learned last year that "if you don't have a digital way to connect with your employees, customers, and partners, you don't have much of a chance of surviving." In December, Salesforce signed a definitive agreement to acquire the popular messaging software platform Slack Technologies in a cash and stock deal worth $27.7 billion, making it Salesforce's largest-ever acquisition. I could not be more excited for what's to come," Butterfield added. "Salesforce and Slack are uniquely positioned to lead this historic shift to a digital-first world. Slack's co-founder and CEO Stewart Butterfield, who will continue to lead the company, called the deal "a once-in-a-generation opportunity to rethink and reshape how and where we work." "Together we'll define the future of enterprise software, creating the digital HQ that enables every organization to deliver customer and employee success from anywhere," Salesforce CEO Marc Benioff said in a statement. ![]() Software giant Salesforce ( CRM) officially closed on its $27.7 billion record acquisition of messaging app Slack Technologies ( WORK) on Wednesday, as the company bets big on a digital work-from-anywhere future.
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