Salesforce agrees to buy Braze for $47.50 a share in cash, in a deal valued at about $5.66 billion

Salesforce said Tuesday it has agreed to acquire the customer engagement platform for $47.50 per share in cash, a deal valued at approximately $5.66 billion in enterprise value, according to a joint press release filed with both companies' 8-Ks.

Braze's board unanimously approved the merger agreement, which the companies signed Oct. 19, according to Braze's 8-K. Once the deal closes, a Salesforce subsidiary will merge into Braze, leaving Braze as a wholly owned unit of Salesforce.

Timing and approvals

The companies expect the deal to close in Salesforce's fiscal year 2028. It still needs a yes vote from holders of a majority of Braze's outstanding Class A shares, the expiration of the Hart-Scott-Rodino antitrust waiting period and other antitrust and foreign investment approvals.

Certain Braze stockholders signed a voting and support agreement with Salesforce, committing to vote their shares in favor of the merger, the filing says.

Either side can walk away if the deal isn't done within a year of signing, though that deadline can be extended twice, by up to 90 days each time, to obtain regulatory approvals.

Breakup fees

If the agreement is terminated because the deal misses that outside date or a final court order or regulatory law permanently blocks it, and certain other requirements are met, Salesforce would owe Braze $300 million, according to Braze's 8-K. Braze would owe Salesforce $191.39 million in certain cases, including if its shareholders vote the deal down, its board changes its recommendation or it terminates to accept a superior proposal.

Why Salesforce wants it

Salesforce said Braze's real-time engagement and AI decisioning tools are expected to complement all four layers of its architecture: Data 360, Customer 360, Agentforce and SIForce. It said it expects Braze to strengthen Marketing Cloud's cross-channel personalization and expand how brands reach customers in high-volume consumer experiences.

"Braze was built to turn live customer behavior into personalized engagement at scale," said Patrick Stokes, Salesforce's president of applications and marketing.

Braze serves approximately 2,770 customers, including Canva, Dairy Queen, Instacart and Venmo, according to the release.

In its investor webinar, Salesforce said it expects to fund the deal with cash, and described it as "growth accretion balanced by near term profitability dilution." The company said there is no anticipated change to its fiscal 2027 guidance and no change to its fiscal 2030 framework at this time.

By the numbers

• Price: $47.50 per Braze Class A share, in cash
• Enterprise value: approximately $5.66 billion
• Salesforce termination fee: $300 million
• Braze termination fee: $191.39 million
• Expected close: Salesforce fiscal year 2028

Sources

1. Braze, Inc., Form 8-K (Items 1.01, 8.01 and 9.01) with Exhibit 2.1 merger agreement, Exhibit 99.1 voting and support agreement and Exhibit 99.2 joint press release, filed Oct. 20, 2026, accession 0000950103-26-015850
2. Salesforce, Inc., Form 8-K (Item 7.01) with Exhibit 99.1 joint press release and Exhibit 99.2 investor webinar, filed Oct. 20, 2026, accession 0001193125-26-425881

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