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Salesforce To Acquire HeyWire, Adding To List Of 2016 Purchases

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Salesforce To Acquire HeyWire, Adding To List Of 2016 Purchases

Privately held cloud communications company HeyWire announced it has entered into a definitive agreement to be acquired by salesforce.com, inc. (NYSE: CRM). The terms of the deal were not disclosed.

Salesforce has been on an acquisition spree; HeyWire marks its fourth transaction in the last two months and the eighth overall for 2016.

In Q2, salesforce CEO Marc Benioff said that while the company is not actively pursuing any transactions, "attractive valuations of great assets had triggered a $4 billion acquisition spree in recent months where CRM has acquired Demandware, Quip, Coolan, BeyondCore, and now HeyWire," according to D.A. Davidson.

Related Link: Is Google Eyeing An Acquisition Of Box After Forming A New Partnership?

HeyWire is a provider of cloud messaging solutions for business phone numbers and has partnered with a number of salesforce's providers "to transform the customer experience and sales capabilities through cloud text messaging to customer support 1-800 numbers and office phone numbers," said D.A. Davidson.

The platform reaches over 25 million business people and delivers half of a billion messages per month. As more business are adopting cloud technology, HeyWire is capitalizing on the trend that texting is the preferred form of communication among mobile users.

D.A. Davidson has a Neutral rating on salesforce with a $86 price target.

Salesforce was seen trading at $74.07, down 0.18 percent, at time of writing.

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Latest Ratings for CRM

DateFirmActionFromTo
Aug 2019ReiteratesOutperform
Aug 2019Initiates Coverage OnBuy
Jun 2019MaintainsBuy

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