“Personally, I believe this is the most strategic combination in the history of software and I can’t wait to get going,” Slack CEO and Vancouverite Stewart Butterfield said in a statement. Shares are now trading at $43.83, as of the close of markets Tuesday. Shares were trading below US$30 for most of November until speculation ramped up about an acquisition over the past week. While demand for digital communications tools has surged amid the pandemic, shares for Slack have been on the downward trend since the company went public last year when it opened at US$38.50 a share. (Nasdaq:MSFT) in the business-messaging space. The acquisition, announced Tuesday (December 1) by the customer relationship management giant will give Slack more power to compete with bigger competitors such as Microsoft Corp. (NYSE:CRM) is acquiring the tech company in a cash-and-stock deal worth US$27.7 billion. (NYSE:WORK), which traces its origins to Vancouver, has someone new to answer to. Messaging service Slack Technologies Inc. Why it matters: The business-messaging app was founded by Vancouverite Stewart Butterfield, who maintains offices in the city Salesforce could reduce real estate investments to save money, and it could also rework the way execs are paid.What happened: Salesforce acquires Slack in US$27.7b deal "I think there's pretty broad agreement that the board of directors needs to be refreshed," he said.Įxecutives could feel the crunch, Insider reports. According to Insider, Walravens thinks losing entrenched old board members might be a necessary injection of "fresh blood with new ideas" for Salesforce. Five members, including co-CEO Marc Benioff, have been on the board for fifteen years. Speaking to Insider, JMP Securities analyst Pat Walravens said replacing board members might be a good move. It could even result in Salesforce ending its remote-work policies and mandating at least some employees to come back into the office, analysts speculate. And if that wasn't enough, some analysts believe that these activist firms could push Benioff to at least explore the possibility of divesting mega-acquisitions like Slack, MuleSoft, and Tableau. It's a very real possibility that these investors could oust most, if not all, of Salesforce's board of directors in one go.
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