Salesforce to buy Braze in a $5.66 billion enterprise-value deal, at $47.50 a share in cash

Salesforce agreed to acquire Braze for approximately $5.66 billion in enterprise value, with Class A holders set to receive $47.50 per share in cash, according to a Form 8-K filed October 20, 2026. The target is a customer engagement platform with approximately 2,770 customers, and Salesforce said it anticipates no change to its FY27 guidance. The transaction is expected to close in Salesforce's fiscal year 2028.

Braze brings real-time consumer engagement into Customer 360

Salesforce is buying a workload more than a logo. Braze's platform is built for consumer apps that must react to behavior as it happens, coordinating personalized messages across mobile, web, email, SMS and WhatsApp, with an AI layer that tunes content, offers, channels and timing. Salesforce expects those capabilities to sit inside Customer 360 and sharpen Marketing Cloud's cross-channel work, while also complementing Data 360, Agentforce and SIForce. The roster is consumer-facing: Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters and Venmo are named in the release. Patrick Stokes, president of Applications and Marketing, put the rationale in one line: "Braze was built to turn live customer behavior into personalized engagement at scale."

Cash consideration, no anticipated change to FY27 guidance, and a fiscal 2028 close

Cash consideration is $47.50 per Class A share, within a transaction the release values at approximately $5.66 billion in enterprise value. Those are different measures, and the release does not bridge them: it gives no equity value, share count, net debt or total cash outlay, so the enterprise value cannot be read as the cash Salesforce will pay. Because the Class A consideration is cash rather than Salesforce stock, the deal issues no shares to those holders; the investor webinar deck lists "non-dilutive form of consideration" and says the company expects to fund the purchase from cash. Guidance is the part Salesforce fenced off. The release states there is no anticipated change to FY27 guidance, that "Salesforce has not guided FY28" and that there is "no update to long-term targets at this time." The webinar deck goes a step further on shape, pairing growth accretion with near-term dilution to profitability and leaving the FY30 framework alone. Closing depends on Braze's shareholder vote and required regulatory approvals.

Braze financials and the termination fee are absent

Neither document discloses Braze revenue, margin, retention or customer growth, no purchase multiple, no termination-fee figure and no committed financing. That silence has a price: without a Braze revenue base a reader cannot judge whether $5.66 billion is rich or cheap, and without a termination fee the cost of a competing bid cannot be sized. One structural detail is worth flagging — Salesforce furnished the package under Item 7.01 as Regulation FD disclosure, so the exhibits are furnished rather than filed with the SEC. The documents do carry the standard cautions: retention of key personnel, disruption during the pendency, the possibility of competing offers, integration and transaction costs, and an explicit concession that expected benefits may not arrive on schedule.

Braze's proxy statement carries the numbers the release omits

Braze intends to file a preliminary proxy statement on Schedule 14A and will deliver a definitive one. That proxy is where deal terms — and any fairness opinion — would normally be described, but the release names Qatalyst Partners as Braze's exclusive financial advisor without stating that a fairness opinion was delivered. The shareholder vote and regulatory clearance are the two conditions the release names, so those filings and the vote date are the next hard checkpoints. Until they land, the operative fact for Salesforce holders is the fence around FY27 guidance and the absence of any FY28 number. Bill Magnuson, Braze's co-founder and chief executive, cast the combination as continuity rather than reinvention: "Salesforce shares our commitment to marketers, and we’ll continue building as Braze and investing in the Braze community of customers and partners who built this company with us."