This morning Salesforce.com confirmed last week’s rumors and officially announced that it will acquire the NY-based social media/Facebook marketing company Buddy Media.
Under the terms of the deal, Salesforce will pay a total of $689 million for Buddy Media, made up of $467 million in cash, another $184 million in the form of Salesforce stock, and the remaining $38 million will include vested Salesforce options and restricted stock units.
For Salesforce, the synergy between the two companies sealed the deal. With the ownership of their current social media listening platform Radian 6 and now the acquisition of Buddy Media, Marc Benioff, CEO of Salesforce.com told CNET, “Salesforce.com now has the number one players in social listening and marketing – Radian6 and Buddy Media . . . With CMOs surpassing CIOs in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity.”