Buddy Media, Salesforce.com Deal 'Roughly in Line' With Other Social Media Marketing Transactions

We tweeted about this previously, but now it’s official: cloud computing company Salesforce.com is buying Buddy Media for $689 million or so. The sale will be official at the end of Q3, October 31, 2012.

“The marketing industry is undergoing the biggest transformation it’s seen in 60 years, and it’s all being driven by the unprecedented growth of social networks,” reads the Buddy Media press release. This transaction is meant to bring together Salesforce’s marketing and monitoring capabilities with Buddy Media’s social marketing platform.

“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,” said Marc Benioff, chairman and CEO, salesforce.com