Salesforce agrees to buy Braze for $5.66 billion in enterprise value
Braze Class A holders will receive $47.50 per share in cash, and the deal is expected to close in fiscal 2028.
Key takeaways
- Salesforce, Inc. (CRM) agreed to acquire customer engagement platform Braze, Inc. (BRZE) for approximately $5.66 billion in enterprise value, or $47.50 per share in cash, a regulatory filing showed on Oct. 20, 2026. The deal is expected to close in Salesforce's fiscal 2028, subject to Braze shareholder and regulatory approvals.
Salesforce, Inc. (CRM) said Tuesday in a regulatory filing that it has signed a definitive agreement to acquire Braze, Inc. (BRZE), a customer engagement platform, for approximately $5.66 billion in enterprise value.
Under the terms, holders of Braze Class A common stock will receive $47.50 in cash per share, according to the joint press release attached to the filing.
Salesforce and Braze issued the press release jointly on Oct. 20. The company also published an investor webinar on the transaction the same day.
Braze helps marketers respond to customer behavior in real time across mobile apps, websites, email, SMS and WhatsApp. The press release said the company is headquartered in New York with 15 offices across the Americas, EMEA and APAC.
The press release said Braze serves approximately 2,770 customers, including Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters and Venmo.
Salesforce said Braze’s real-time engagement and AI decisioning capabilities are expected to complement all four layers of its architecture: Data 360, Customer 360, Agentforce and SIForce.
Within Customer 360, Braze is expected to strengthen Marketing Cloud’s cross-channel personalization, the press release said.
Salesforce President, Applications and Marketing Patrick Stokes said: “Braze was built to turn live customer behavior into personalized engagement at scale.”
Bill Magnuson, CEO and Co-Founder of Braze, said Salesforce “shares our commitment to marketers.”
The deal is expected to close in Salesforce’s fiscal year 2028, subject to customary closing conditions. Those include approval by Braze shareholders and receipt of required regulatory approvals.
The company expects to fund the transaction with cash, according to slides in the investor webinar filed as Exhibit 99.2. A slide described the deal as using the balance sheet in a non-dilutive form of consideration.
Another slide said growth accretion would be balanced by near-term profitability dilution.
The company said there is no anticipated change to its FY27 guidance. Salesforce has not guided FY28, and there is no update to long-term targets at this time.
J.P. Morgan Securities LLC is exclusive financial advisor to Salesforce, and Wachtell, Lipton, Rosen & Katz and Covington & Burling LLP are its legal counsel. Qatalyst Partners is exclusive financial advisor to Braze, and Davis Polk & Wardwell LLP is its legal counsel.
The filing does not disclose a termination fee amount, although it refers to the possibility that a fee could be required.