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Salesforce agrees to acquire customer engagement platform Braze

Salesforce agrees to acquire customer engagement platform Braze

Money Moves

$5.66 billion all-cash deal would fold Braze's real-time marketing engine into Salesforce's Marketing Cloud

Today: Salesforce announces Braze acquisition

Overview

Updated 1 hour ago

Salesforce agreed Tuesday to buy Braze, a customer engagement platform, for about $5.66 billion. Braze shareholders will receive $47.50 a share in cash, a 58% premium over the stock's $30.04 close Monday.

Braze's software lets marketers send personalized messages across mobile apps, websites, email, and messaging channels, reacting to customer behavior in real time. It counts about 2,770 customers, including Canva, Instacart, and Venmo, and expects roughly $910 million in sales this fiscal year.

Salesforce expects the deal to close in its fiscal year 2028, which runs from February 2027 through January 2028. It needs Braze shareholder approval and U.S. antitrust clearance. Shares of rival Klaviyo rose about 8% on the news.

Why it matters

Braze lets brands respond to customers in the moment they act. Owning it puts Salesforce at the center of how major brands communicate.

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Key Indicators

$5.66 billion
Deal value
Enterprise value of the acquisition, announced October 20, 2026.
$47.50
Per-share cash price
Braze Class A shareholders receive $47.50 per share in cash.
58%
Premium over Monday close
Braze stock closed at $30.04 on Monday before the deal was announced.
2,770
Braze customers
Includes Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters, and Venmo.
$910 million
Braze expected sales this fiscal year
Revenue rose 26% to $227.2 million in the three months to July.

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People Involved

Organizations Involved

Timeline

2 events Latest: Today
  1. Salesforce announces Braze acquisition

    Today Deal

    Deal announced. Braze stock jumps over 50% premarket; Salesforce shares slip about 1%.

  2. Salesforce and Braze sign merger agreement

    Deal

    Companies sign definitive merger agreement at $47.50 per share in cash.

Scenarios

1

Salesforce closes Braze acquisition

Likely Resolves by Apr 16, 2028

Discussed by: Both companies; deal includes signed merger agreement and shareholder voting pledges

Braze shareholders vote in favor, U.S. antitrust review clears, and the deal closes by early 2028. Co-founders and other holders controlling about 5% of shares pledged yes, and the 58% premium gives most investors little reason to vote no.

2

Regulators block or restructure the deal

Unlikely Resolves by Oct 19, 2027

Discussed by: Antitrust observers; the Hart-Scott-Rodino Act waiting period must expire before closing

The U.S. antitrust waiting period under the Hart-Scott-Rodino Act, which gives regulators time to review large deals, must end before the merger can close. Federal Trade Commission or Department of Justice staff could open a deeper review, extend the timeline, or file suit to block the combination.

3

Deal terminates, breakup fee paid

Unlikely Resolves by Oct 19, 2027

Discussed by: Merger agreement terms; either side can walk before the outside date of October 19, 2027

Braze shareholders vote no, a material adverse change occurs, or either party terminates before the outside date. The agreement sets a $300 million fee from Salesforce or $191.39 million from Braze depending on who walks.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

June 2013

Salesforce acquires ExactTarget (2013)

Salesforce bought ExactTarget, an email marketing company, for about $2.5 billion. The purchase became the foundation of what is now Salesforce Marketing Cloud.

Then

Salesforce gained a large email marketing customer base and cross-channel marketing tools.

Now

Founded the template of Salesforce buying marketing technology at a premium and folding it into its CRM suite.

Why this matters now

This is the same playbook applied to real-time engagement: buy the category leader, pay a premium, integrate into Marketing Cloud.

2018

Adobe acquires Marketo (2018)

Adobe bought Marketo, a marketing automation company, for about $4.75 billion. Marketo was a standalone platform that competed with Adobe's own marketing tools.

Then

Adobe folded Marketo into its Experience Cloud, absorbing thousands of enterprise marketing customers.

Now

Consolidated marketing software among a few large vendors and reduced the number of independent platforms.

Why this matters now

Marketo was the standalone marketing platform absorbed by a large vendor; Braze is the standalone engagement platform following the same path.

Sources

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