Salesforce buys Slack Technologies, a software company founded in 2009, in a $27.7 billion megadeal. The deal’s aim is to combine Slack Connect and Salesforce Customer 360, which will help Salesforce take on Microsoft Teams platform.

Under the terms of the agreement, Slack shareholders will receive $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share.

Marc Benioff, Co-Founder & CEO, Salesforce, said in a statement that “This is a match made in heaven. Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work from anywhere world”.
Slack’s CEO, Stewart Butterfield added in the statement, “As software plays a more and more critical role in the performance of every organization, we share a vision of reduced complexity, increased power and flexibility, and ultimately a greater degree of alignment and organizational agility. Personally, I believe this is the most strategic combination in the history of software, and I can’t wait to get going”.

This June, Slack joined Amazon in a multi-year agreement to take on its closest rival Microsoft Teams. Under the new deal, all Amazon employee will get access to Slack’s office tools.