Salesforce stock has climbed nearly 40 percent this year, valuing the company at $220 billion. On Tuesday, it said its revenue rose 20 percent to $5.24 billion in the three months ending with October.
In February, Salesforce paid $1.3 billion for Vlocity, a mobile software provider. Last year, it bought Tableau, a data analytics provider, for $15.3 billion; in 2018, it bought MuleSoft, a data integration company, for $6.5 billion; and in 2016, it bought Demandware, an e-commerce software maker, for $2.8 billion. It also invested $250 million in the data warehousing company Snowflake just before it went public in September.
Salesforce has had its own work collaboration product, called Chatter, since 2010. Chatter has had “limited traction,” according to a Goldman Sachs report last week that touted the “strategic merit” of Salesforce buying Slack.
In August, Mr. Benioff told analysts that Salesforce was not seeking acquisitions, implying that valuations were too high. “We’re not in a good M&A environment,” he said, referring to mergers and acquisitions. “I just don’t see it.”
He added: “Maybe things could change.”
In September, Mark Hawkins, Salesforce’s chief financial officer, told analysts that the company would continue to be “opportunistic” with respect to deals.
Bank of America served as financial adviser to Salesforce, while Qatalyst Partners and Goldman Sachs served as financial advisers to Slack.
Erin Griffith reported from San Francisco and Lauren Hirsch from New York.