CRM
Salesforce not going to ‘shy away’ from M&A, Spiff acquisition totals $419M (NYSE:CRM)
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- Salesforce (NYSE:CRM) paid $419M for the acquisition of Spiff, an incentive compensation management platform company, back in February, according to a U.S. Securities and Exchange Commission filing.
- “The acquisition date fair value of the consideration transferred for Spiff was $419 million, which consisted primarily of $374 million in cash,” the Form 10-Q reads. “The Company also recorded approximately $52 million of intangible assets for developed technology and customer relationships with useful lives of nine and five years, respectively.”
- The deal to acquire the Utah-based Spiff was announced in December, and apparently closed quickly.
- “We just acquired an amazing new company called Spiff, which is part of our Salesforce automation platform,” said Salesforce CEO Marc Benioff, during Wednesday’s earnings call.
- “And as we go forward, we’re going to continue to look at those opportunities,” he added. “And look, we’re not going to shy away from M&A for any one particular reason if it’s within our framework.”
- Salesforce was down 15% during pre-market trading Thursday.
