Salesforce and the future of remote work
Salesforce has approached Slack about a deal, DealBook hears, confirming a report in The Wall Street Journal. A takeover could be announced as soon as this week. The potential deal is a bet on remote working, an area that bankers tell us will be a hot spot for consolidation in the months ahead, as highly valued software companies look to roll up the fragmented market for collaboration tools.
Work practices may never return to pre-pandemic norms. Or at least that’s the premise behind moves like the one Salesforce is making, with companies hoping to cash in on the shift by assembling a suite of services to make remote working easier. Slack had a market capitalization of about $17 billion before news of the potential deal broke, and it’s now worth around $23 billion. Until the recent pop, it had recorded relatively muted growth