The deal by online customer-relationship-management platform Salesforce.com to acquire Facebook and social ad-management software provider Buddy Media, initially reported last week by AllThingsD, is now official, but at a lower price than originally speculated.
Salesforce.com announced Monday that it has agreed to acquire Buddy Media for approximately $689 million in cash and equity in Salesforce.com — approximately $467 million in cash, $184 million in Salesforce.com common stock, and $38 million in vested Salesforce.com options and restricted stock units. Initial reports last week had the tab at more than $800 million.
The companies said they expect the transaction to close during Salesforce.com’s fiscal third quarter, which ends Oct. 31
Buddy Media Co-Founder and Chief Executive Officer Michael Lazerow said:
Buddy Media’s mission is to eliminate the current state of anarchy in social marketing. With the Salesforce Marketing Cloud, marketers will be able to unify their efforts to better organize their teams, optimize their social programs, and deliver real business results.
Salesforce.com Chairman and CEO Marc Benioff added:
Salesforce.com now has the No. 1 players in social listening and marketing — Radian6 and Buddy Media. With chief marketing officers surpassing chief information officers in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity.