$CRM · Salesforce, Inc.

Salesforce filed an 8-K disclosing a definitive agreement to acquire Braze, Inc. for approximately $5.66 billion in enterprise value. Braze shareholders will receive $47.50 per share in cash. The deal is expected to close in Salesforce's fiscal year 2028, pending Braze shareholder approval and regulatory clearances.

CRM shares down 1.33% in the regular session following the pre-market announcement, suggesting a modestly negative initial reaction to the $5.66B all-cash deal. At a $196.89B market cap, the acquisition represents roughly 2.9% of Salesforce's market value — material but not transformative.

Salesforce's largest acquisition since Slack signals an aggressive push into real-time, AI-driven B2C marketing engagement at scale.

Salesforce is doubling down on AI-powered marketing engagement, following its pattern of bolt-on acquisitions to fill product gaps. Braze competes with Twilio's Segment and Adobe's real-time CDP offerings, making this a direct competitive move in the high-volume B2C engagement space.

Regulatory approval risk and Braze shareholder vote are required to close; termination fees apply if the deal breaks. Integration risk is material — Braze's 2,770 customers and real-time architecture must be folded into Marketing Cloud without disruption. Competing offers could emerge during the go‑