by Christopher Freeburn | June 4, 2013 9:58 am
Shares of Salesforce.com (CRM) sank more than 3% in Tuesday morning trading after it announced that it would acquire a marketing software developer for $2.5 billion.
Under the deal, Salesforce will pay a 53% premium for ExactTarget (ET) at $33.75 a share. The purchase will be the Salesforce’s eight purchase this year and is produced to be finalized in the second fiscal quarter, Reuters notes.
The company forecasts the acquisition to boost its annual revenue of between $120 million and $125 million in the next fiscal year. It is also estimated to lower Salesforce’s 2014 earnings by 16 cents a share.
Predictably, shares of ExactTarget, which offers online software to manage digital advertising, shot up by more than 52%.
Earlier this year, Salesforce announced a 4-for-1 stock split.
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