Shares of Salesforce slipped roughly 1% on Tuesday morning, after the company announced an agreement to buy customer engagement platform Braze for about $5.66 billion.
Under the deal, holders of Braze Class A common stock will get $47.50 in cash per share. The transaction is expected to close in fiscal 2028, subject to shareholder and regulatory approvals, according to a Salesforce blog.
Braze shares closed at $30.04 on Monday. The stock skyrocketed more than 50% on Tuesday after a brief halt premarket following the news. The company makes artificial intelligence marketing tools to manage customer data and messaging.
"Salesforce shares our commitment to marketers, and we'll continue building as Braze and investing in the Braze community of customers and partners who built this company with us," Bill Magnuson, CEO of Braze, said in a statement. "Salesforce's platform will help us innovate faster and together we'll help marketers around the world build deeper, more lasting relationships with their customers."
The latest deal comes just months after Salesforce announced it would buy AI customer service platform Fin for about $3.6 billion, in a move meant to bolster the company's agentic AI offerings for enterprises.
In August, Salesforce and Anthropic announced an expanded partnership, including a new plugin called "Claudeforce" with pre-built sales skills for salespeople to better compose emails, update records and more with the frontier lab's model.