Salesforce has entered a definitive agreement to acquire customer engagement platform Braze for approximately $5.66 billion in enterprise value. Under the terms announced Tuesday, October 20, 2026, Braze shareholders will receive $47.50 in cash per share. The transaction is expected to close in Salesforce’s fiscal year 2028, beginning in February 2027.
Terms of the $5.66 Billion Agreement
The $47.50 cash-per-share offer marks a roughly 58% increase over Braze’s closing price of $30.04 on October 19, 2026. Following the announcement, Braze shares surged, trading as high as $45.59 during the session on October 20, 2026, while Salesforce stock saw a slight decline. The deal involves the payment of $47.50 in cash per share to holders of Braze Class A common stock.
The agreement also includes a Voting and Support Agreement signed by certain stockholders on October 19, 2026. The transaction remains subject to customary closing conditions, including approval by Braze’s stockholders and the receipt of required regulatory clearances.
We signed a definitive agreement to acquire @Braze, a leading customer engagement platform that helps marketers build deeper customer relationships by responding to customer behavior in real time and coordinating personalized experiences across channels.Following close, Braze’s…
Salesforce Integrates Braze Engagement Tools Across Core Architecture
Salesforce intends to integrate Braze’s real-time engagement and AI decisioning capabilities across four core layers of its architecture: Data 360, Customer 360, Agentforce, and SIForce. Braze, which serves approximately 2,770 customers including major brands like Canva, Dairy Queen, Equinox, and Instacart, provides tools for brands to manage customer data and messaging. The acquisition follows a period of rapid product development for Braze, which showcased 25 product launches at its “Braze Forge” event held in Las Vegas from September 28–30, 2026.
Salesforce’s platform will help us innovate faster and together we’ll help marketers around the world build deeper, more lasting relationships with their customers.
Bill Magnuson, CEO of Braze
Patrick Stokes, Salesforce’s president of applications and marketing, highlighted that Braze was built to translate live customer behavior into personalized engagement at scale. This acquisition follows a trend of heavy investment by Salesforce, which has spent approximately $24.6 billion on 16 priced marketing and customer experience deals since 2010. This total spending is roughly double that of SAP and Adobe, and three times that of Oracle.
Analysts Downgrade Braze Stock After Acquisition Premium
Financial institutions reacted to the deal with a wave of rating changes. Stifel downgraded Braze to ‘Hold’ from ‘Buy’ while raising its price target to $47.50. Wells Fargo downgraded Braze to ‘Equal Weight’ from ‘Overweight’ with a $47.50 price target, while Piper Sandler analyst Billy Fitzsimmons downgraded the stock to ‘Neutral’ from ‘Overweight.’ Analysts characterized the 58% acquisition premium as a win for Braze shareholders, noting that the offer values the company at its highest level since March 2024. However, some analysts warned that the timing and price of the acquisition would likely be a subject of debate within the market.
The broader software market saw varying reactions, with competitor Klaviyo rising on speculation of further industry consolidation. Investors who purchased $1,000 worth of Braze shares at its November 2021 IPO would now be looking at an investment worth $485.41.
Salesforce Maintains Fiscal 2027 Guidance
Salesforce stated that there is no anticipated change to its fiscal year 2027 guidance due to the acquisition. The company has not yet provided guidance for fiscal 2028. Advisors for the transaction include J.P. Morgan Securities LLC as the exclusive financial advisor for Salesforce, with legal counsel provided by Wachtell, Lipton, Rosen & Katz and Covington & Burling LLP. Qatalyst Partners is serving as the advisor to Braze. Information regarding the company’s directors and executive officers is available in the 2026 Annual Meeting Proxy Statement, which was filed with the SEC on May 18, 2026.