Salesforce to Buy Braze for About $5.66 Billion in Cash Deal

Deal terms and timing

Salesforce (NYSE: CRM) said it will acquire Braze (NASDAQ: BRZE) under a definitive agreement. Holders of Braze Class A common stock will receive $47.50 in cash per share, which values the company at approximately $5.66 billion in enterprise value, according to Salesforce.

The transaction is expected to close in Salesforce's fiscal year 2028. It is subject to customary closing conditions, including approval by Braze's shareholders and receipt of required regulatory approvals. Salesforce said it does not anticipate any change to its FY27 guidance. It has not guided FY28 and has no update to its long-term targets at this time.

J.P. Morgan Securities LLC is exclusive financial advisor to Salesforce, with Wachtell, Lipton, Rosen & Katz and Covington & Burling LLP as legal counsel. Qatalyst Partners is exclusive financial advisor to Braze, and Davis Polk & Wardwell LLP is its legal counsel.

What Braze brings

Braze helps marketers respond to customer behavior in real time and coordinate personalized experiences across mobile apps, websites, email, SMS, WhatsApp and other channels. Salesforce describes its cloud-native, event-streaming architecture as optimized for high-volume, real-time B2C engagement. The system continuously updates customer profiles and adapts customer journeys, and it powers trillions of messages and journey actions each year.

BrazeAI adds AI-powered optimization across content, offers, channels and timing. Braze serves approximately 2,770 customers, including Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters and Venmo. The company is led by co-founders Bill Magnuson and Jon Hyman, and Salesforce said they would bring deep expertise in mobile experiences, data engineering and customer engagement to Salesforce Marketing Cloud.

How Salesforce plans to use it

Salesforce frames the deal as part of a push toward agentic marketing. It says AI is raising the bar for marketers, who now need solutions that can understand customers, make decisions and act in real time. The company said the acquisition meets the standards of its M&A framework: advancing customer success, fitting its strategy, accelerating innovation and creating long-term value.

After closing, Braze's real-time engagement and AI decisioning are expected to complement all four layers of Salesforce's architecture: Data 360, Customer 360, Agentforce and SIForce. Within Customer 360, Braze is expected to strengthen Marketing Cloud's cross-channel personalization at the scale needed to reach hundreds of millions of people.

Salesforce listed three areas where the combination would help businesses:

• Real-time action: turning live customer signals and data from cloud data warehouses and other platforms into personalized messages and coordinated journeys.
• Richer cross-channel experiences: combining Braze's mobile and app capabilities, such as in-app messages, personalized content feeds and live updates, with email, web and messaging.
• More intelligent personalization: using Braze's AI decisioning together with Salesforce's customer context and Agentforce.

What it means for customers and marketers

Patrick Stokes, President, Applications and Marketing at Salesforce, said bringing Braze together with Salesforce Marketing Cloud, CRM and Data 360 "will deliver that wow moment in every customer interaction." Braze CEO Bill Magnuson said the company will "continue building as Braze and investing in the Braze community of customers and partners."

Both companies also said they share a commitment to an open, composable approach that gives customers flexibility across the data, tools and partners they rely on. For current Braze customers, that points to continuity under the Braze name, while Salesforce customers can expect stronger real-time and mobile engagement tools in Marketing Cloud once the deal closes. Until then, the acquisition remains subject to shareholder and regulatory approval, and Salesforce's release lists risks including possible termination of the merger agreement and the chance that competing offers emerge.