Salesforce bought Slack for $27.7 billion.
In December 2020, Salesforce confirmed that it’s acquiring Slack for a whopping $27.7 billion deal. Salesforce is known for its CRM tool.
As the pandemic affected the workforce, remote working tools have become increasingly popular.
Unfortunately, though, Slack couldn’t keep up. It grappled to benefit from the momentum and struggled to compete with Microsoft Teams and others.
Slack’s Share in Free Fall
Since Slack went public on the NYSE in 2019, its shares were in free fall. In the months leading up to the acquisition announcement, Slack’s share price went up to over $44 to have a market capitalization of $25 billion.
Salesforce stated that Slack will be combined with Salesforce Customer 360. This customer data platform enables companies to connect Map teams and the Salesforce app. It will accommodate data across an organization.
“Together we’ll define the future of enterprise software, creating the digital HQ that enables every organization to deliver customer and employee success from anywhere.” – Salesforce
Team Collaboration Tools
The pandemic has affected many companies. Some capitalized on it while others struggled to thrive. But one thing is for certain. The pandemic created an increasing demand for team collaboration tools.
Zoom and Microsoft Teams managed to capitalize on the remote work boom. Unfortunately, Slack couldn’t seize the moment because of the aggressive competition.
Slack complained that Microsoft is using its market dominance to force its millions of users to install Teams through the bundle. The antitrust complaint filed by Slack against Microsoft in the EU is pending.
After Salesforce’s successful acquisition of Slack, it’s not clear if the complaint will continue.
But what is certain now is that Salesforce will be more powerful. It can provide better social integrations across its products. The two companies could play a huge role in shaping the future of work.
Salesforce considers its employees as its designers of a remote-friendly approach. With Slack under its organization, it can dominate the market as the competition is going in that direction.
Recently, Microsoft started to roll out an early preview of the Teams Chat integration. The integration of Teams on Windows 11 is a big feature announcement for the said OS.
The feature lets you communicate with friends, colleagues, and other family members directly from the Taskbar. It has a chat UI and a new lightweight Teams client.
It lets you sync your contacts and text them. It will also have video calls and “meet now” capabilities. But these features are coming later.
Salesforce and Microsoft Teams
Salesforce is one of the best CRM solutions because of its ability to impact multiple aspects of any business, like the IT department, marketing, and sales.
It lets you continue using your current system while other programs share data and centralize business details for employees.
Microsoft Teams, on the other hand, is a connector. It integrates email, files, and a group calendar. It’s still a collaboration platform and can function as a good CRM tool. It can replace a CRM. But it still depends on the functionalities that your business needs.