Summary
Salesforce.com, Inc. (CRM) has officially completed its acquisition of Buddy Media, Inc. as of August 13, 2012. This significant strategic move involved a cash payment of approximately $475 million and the issuance of approximately 1.4 million shares of Salesforce common stock, along with additional restricted stock grants to Buddy Media's founders and key personnel. The acquisition, financed through existing cash reserves, is expected to bolster Salesforce's market position and offerings. This filing details the merger terms, confirming Buddy Media's transition into a wholly owned subsidiary of Salesforce. While the core transaction is complete, investors should note that detailed financial statements and pro forma information related to this acquisition will be provided in a subsequent amendment to this Form 8-K by October 23, 2012. The issuance of Salesforce common stock to former Buddy Media shareholders will be conducted under exemptions from registration, as is typical for such transactions.
Key Highlights
- 1Salesforce.com, Inc. completed the acquisition of Buddy Media, Inc. on August 13, 2012.
- 2The acquisition involved a cash payment of approximately $475 million.
- 3Approximately 1.4 million shares of Salesforce common stock were issued as part of the transaction.
- 4Additional restricted stock was issued to Buddy Media's founders and holders of restricted stock.
- 5Buddy Media will operate as a wholly owned subsidiary of Salesforce.
- 6The cash portion of the acquisition was funded by Salesforce's existing cash and cash equivalents.
- 7Detailed financial statements and pro forma information will be filed by amendment by October 23, 2012.