Buddy Media bought by salesforce.com in deal worth $689m
Social media marketing platform Buddy Media has been acquired by Salesforce.com in a deal understood to be worth $689m.
The deal, which has been agreed by the company’s board, sees Buddy Media, which was founded in 1997, sold for an initial $487m in cash, $184 in salforce.com stock and £38m in salesforce options and restricted stock units.
"Buddy Media's mission is to eliminate the current state of anarchy in social marketing," said Michael Lazerow, co-founder and CEO, Buddy Media. "With the Salesforce Marketing Cloud, marketers will be able to unify their efforts to better organize their teams, optimize their social programs and deliver real business results."
Buddy Media is a platform which allows marketers to connect with users of social media platforms such as Facebook, Linkedin, Twitter and YouTube, and works with companies such as Hewlett Packard, Ford and Mattel.
"Salesforce.com now has the number one players in social listening and marketing - Radian6 and Buddy Media," said Marc Benioff, chairman and CEO, salesforce.com. "With CMOs surpassing CIOs in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity."
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