Salesforce to Acquire Braze for $5.66 Billion in Cash Deal

Salesforce announced on October 20, 2026 that it has signed a definitive agreement to acquire Braze, a customer engagement platform, in a transaction valued at approximately $5.66 billion in enterprise value. Under the terms disclosed by Salesforce, holders of Braze Class A common stock will receive $47.50 in cash per share.

Deal Terms and Strategic Rationale

According to Salesforce's press release, the acquisition is structured as an all-cash transaction at $47.50 per share for Braze Class A common stock, with the company's enterprise value put at roughly $5.66 billion. Salesforce said the deal fits within its stated M&A framework, which the company describes as advancing customer success, fitting its strategy, accelerating innovation and creating long-term value. Following the close, Salesforce said Braze's real-time engagement and AI decisioning capabilities are expected to complement what it calls the four layers of its architecture: Data 360, Customer 360, Agentforce and SIForce.

Braze serves approximately 2,770 customers, per the company's disclosure, including Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters and Venmo. The company is headquartered in New York and operates 15 offices across the Americas, EMEA and APAC, led by co-founders Bill Magnuson and Jon Hyman. Salesforce said Braze would also bring expertise in mobile experiences and data engineering to its Marketing Cloud business.

Executive Commentary

Patrick Stokes, President of Applications and Marketing at Salesforce, said "Braze was built to turn live customer behavior into personalized engagement at scale," according to Salesforce's announcement.

Bill Magnuson, Braze's CEO and co-founder, said the company "shipped at the fastest pace in its history" over the past year and that BrazeAI is "helping marketers get their best ideas live faster." Magnuson added that Braze will "continue building as Braze" and keep investing in its customer and partner community following the deal.

Timeline and Closing Conditions

Salesforce said the transaction is expected to close in its fiscal year 2028, subject to customary closing conditions, including approval by Braze shareholders and receipt of required regulatory approvals. CNBC similarly reported that the closing is subject to approval by Braze shareholders and regulators. In connection with the proposed transaction, Braze intends to file relevant materials with the Securities and Exchange Commission, including a preliminary proxy statement on Schedule 14A, followed by a definitive proxy statement to shareholders setting out the detailed transaction terms.

Salesforce's disclosure also flagged standard risk factors tied to the agreement, noting that the merger agreement may be terminated in circumstances requiring either Salesforce or Braze to pay a termination fee, and that competing offers for Braze could still emerge before closing. The company did not disclose the specific dollar amount of any termination fee in its announcement.

Advisors and Guidance

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

On guidance, Salesforce said there is no anticipated change to its fiscal 2027 outlook as a result of the deal. The company also said it has not yet issued guidance for fiscal 2028 and that there is no update to its long-term financial targets at this time.

Market Reaction

Salesforce shares fell 2.6% in premarket trading following the announcement, according to CNBC. Neither company attributed the move to a specific factor.

Bottom Line

Salesforce has committed to a roughly $5.66 billion all-cash purchase of Braze at $47.50 per share, framing the deal as a fit for its customer engagement and AI strategy while leaving its near-term financial guidance unchanged. The transaction still requires Braze shareholder approval and regulatory clearance, with Salesforce targeting a close within its fiscal 2028. Further detail on valuation context, termination terms and integration plans is expected to surface once Braze files its proxy materials with the SEC.