Market Overview

Salesforce To Acquire HeyWire, Adding To List Of 2016 Purchases

Share:
Salesforce To Acquire HeyWire, Adding To List Of 2016 Purchases
Related CRM
How Salesforce's Pending Accounting Changes Could Lead To A Large One-Time Gain
Don't Look Now - Twitter Shares Approaching Rumored Potential Takeout Price

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.

Full ratings data available on Benzinga Pro.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

Latest Ratings for CRM

DateFirmActionFromTo
Feb 2017NeedhamInitiates Coverage OnHold
Jan 2017Pivotal ResearchDowngradesBuyHold
Dec 2016Drexel HamiltonInitiates Coverage OnBuy

View More Analyst Ratings for CRM
View the Latest Analyst Ratings

Posted-In: D.A. Davidson HeyWireAnalyst Color News Price Target M&A Analyst Ratings Tech Best of Benzinga

 

Related Articles (CRM)

View Comments and Join the Discussion!