Shares of slack jumped 38% higher on Wednesday after it was reported by many sources that Salesforce is in talks to acquire Slack and a deal can be finalized next week.
On other hand,Salesforce, whose stock closed down 5% on Wednesday will be announcing its third quarter’s fiscal results next week. Still, there is no new how bid the deal would be worth. According to the WSJ report, Slack’s market cap is more than $20 billion and Salesforcecompany is taking advantage of its market growth and buying growing companies in recent years. Recently it bought Tableau, acquiring the data visualization company for $15.3 billion in 2019 and bought MuleSoft for $6.5 billion in 2018.
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The potential Slack deal would be one of the biggest software deals of the industry which can be compared with other big deals such as IBM`s$34 billion purchase of Red Hat in 2019, Microsoft’s $27 billion purchase of LinkedIn in 2016and Facebook’s $19 billion purchase of WhatsApp in 2014.
After the news about the potential was broken, Microsoft, which competes with Slackforce through its Teams offering, also dipped. Both Microsoft and Salesforce are competitors in software for tracking customers. In 2016 Microsoft showed its intension to buy Slackforce for $ 8billion but later Microsoft introduced its own Teams communication app
Slackforce also sees Microsoft as their primary competitor since 2019 when It sought to become an IPO in 2019 and deal with Salesforce could give Slack a similar benefit.
Slack said that it had approximately 12 million daily active users till October 2019. On other hand, their rival Microsoft has 115 million daily active users.