Salesforce (CRM) To Buy Data Analytics Startup BeyondCore

Keeping with its strategy of growing through acquisitions, salesforce.com Inc. (NYSE:CRM) has recently inked an agreement to buy data analytics startup, BeyondCore. The deal was disclosed through a blog posted by BeyondCore’s Chief Operating Officer (CEO), Arijit Sengupta, which was later confirmed by Salesforce CEO, Marc Benioff.

Headquartered in San Mateo, CA, BeyondCore was founded by Sengupta in 2004. According to TechCrunch, BeyondCore has “raised a cumulative $9 million in financing from Menlo Ventures in a Series A back in 2014”. The company specializes in developing enterprise analytics tools that help organizations make smart data discovery.

The acquisition is anticipated to boost Salesforce’s Analytics Cloud division’s capabilities. The terms of the deal have not been disclosed yet, although it is said to close by the end of this year.

Acquisitions have always been one of Salesforce’s key growth strategies. Over the past few years, the company has acquired or partnered with a number of companies. This year alone, the company has completed or is in the midst of as many as nine acquisition deals, which include the recently concluded Demandware buyout.

Cloud computing is a flourishing segment of the technology sector. It has been gaining significant momentum over the past few years. As a result, many companies are now acquiring assets across the world to achieve their long-term goals.

We believe that Salesforce’s sustained focus on expanding its business through strategic acquisitions and investments will drive growth over the long run.

Going forward, we consider the rapid adoption of the Salesforce Customer Platform to be a big positive. The company’s diverse cloud offerings and considerable spending on digital marketing are other catalysts.

Note that in view of increasing customer adoption and satisfactory performances, market research firm Gartner has recognized Salesforce as the leading social CRM solution provider. We believe that increasing adoption of Salesforce’s platforms indicates solid growth opportunities in the ever-growing cloud computing segment.

SALESFORCE.COM Price

SALESFORCE.COM Price | SALESFORCE.COM Quote

Salesforce has a Zacks Rank #3 (Hold). A few better-ranked stocks worth considering in the broader technology sector are Adobe Systems Inc. (NASDAQ:ADBE) , Avid Technology Inc. (NASDAQ:AVID) and Amkor Technology Inc. (NASDAQ:AMKR) , each sporting a Zacks Rank #1 (Strong Buy).