Summary
Salesforce, Inc. (CRM) filed an 8-K on February 25, 2020, primarily to announce two key events: its financial results for the fiscal fourth quarter and full year ended January 31, 2020, and a significant acquisition. The company's press release detailing these results is incorporated by reference. Investors should note that the press release provides guidance for fiscal year 2021, which is a crucial indicator of future performance and growth expectations. The most impactful news for investors in this filing is the agreement to acquire Vlocity, Inc. for approximately $1.33 billion in cash. Vlocity specializes in industry-specific cloud software built on the Salesforce platform. This strategic move signals Salesforce's intent to deepen its industry vertical offerings, a key growth driver. The acquisition is anticipated to close in the second quarter of fiscal 2021 and its financial impact is already factored into the company's FY21 guidance.
Key Highlights
- 1Salesforce announced its financial results for Q4 and the full fiscal year 2020, ending January 31, 2020.
- 2The company entered into an agreement to acquire Vlocity, Inc. for approximately $1.33 billion in cash.
- 3Vlocity is a provider of industry-specific cloud and mobile software built on the Salesforce platform.
- 4The acquisition is expected to close in the second quarter of fiscal year 2021, subject to customary conditions.
- 5The financial impact of the Vlocity acquisition is incorporated into Salesforce's full fiscal year 2021 guidance for revenue, non-GAAP EPS, and operating cash flow.
- 6The press release containing the financial results and FY21 guidance is attached as Exhibit 99.1.
- 7Information provided is not deemed 'filed' for certain regulatory purposes.