Cloud computing giant Salesforce is all set to make its second acquisition in the current year by acquiring CloudCraze, a Chicago based enterprise e-commerce startup. CloudCraze has confirmed the acquisition news on its official website. The startup said that it has signed a definitive agreement to kick-start the acquisition proceeding but hasn’t disclosed any financial details.
Interestingly, SalesForce is already a strategic investor in CloudCraze, according to data provided by Crunchbase. The data claims that the cloud computing giant, along with another investor, had invested nearly $20 million the e-commerce startup in 2017.
CloudCraze claims that its products and services have helped companies to build better commerce technologies and also generate higher revenue as well as develop business models that are easily scalable. Some of the well-known companies that have benefitted from Salesforce’s services include Coca-Cola and WABCO.
Commenting on acquisition by SalesForce, CloudCraze’s President and Chief Customer Officer Ray Grady wrote “With the addition of CloudCraze to the Salesforce Commerce Cloud, Salesforce and its customers can now take advantage of this shift to digital commerce, enabling business buyers to browse and purchase online as easily as consumers shop today.”
Earlier this year, SalesForce successfully acquired Attic Labs, the startup that is popular for creating NOMS – first ever decentralized database. Attic Labs acquisition marked SalesForce’s comeback in the acquisition spree after a long break. The company was relatively inactive on the acquisition front in 2017, after being on an acquisition spree in 2016. The company had acquired almost 12 companies during that acquisition spree.
SalesForce’s penchant for inorganic growth stems from its strong financial position. Currently, it is ranked amongst the most highly valued American cloud computing companies, with its market capitalization soaring as high as $90 billion. In August last year, it achieved the landmark of being the first cloud computing company to cross $10 billion revenue run rate.