Cloud based CRM software maker Salesforce has announced the acquisition of social media monitoring firm Radian6 Technologies for $340 million.
Radian6 provides software which allows companies to see what is being said about their products and services on social networking platforms like Facebook, Twitter and YouTube. The company offers its services to leading firms including Pepsi, UPS, Kodak and computer maker Dell.
The company was founded back in 2006 and has more than 120 employees at its headquarters located in New Brunswick, Canada. Salesforce expects the acquisition to be closed in June this year.
According to an article on Bloomberg, Salesforce is paying $276 million in cash and $50 million in stocks to acquire the company. In addition to this, Salesforce has also agreed to pay Radian6's founder $10 million in stocks and $4 million in cash.
“Radian6 and salesforce.com share the belief that social media will play a large part in how organizations listen to and engage with their customers. We also believe that as engagement with clients becomes more and more social, there will be greater opportunities for products such as Radian6 and Salesforce to more closely integrate,” Radian6 chief executive Marcel LeBrun said in a statement.