Salesforce buys its own philanthropic arm for 300 mln USD

Source: Xinhua| 2019-04-16 16:41:59|Editor: xuxin
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SAN FRANCISCO, April 15 (Xinhua) -- Salesforce, a global leading company in customer relationship management (CRM) based in downtown San Francisco, Monday announced acquisition of its philanthropic arm,, in a one-time cash deal of 300 million U.S. dollars.

Salesforce said the deal will convert from a California public benefit corporation into a business corporation, and the 300-million-dollar funds will go to the independent Foundation, a California nonprofit public benefit company.

After the merger, Salesforce will create a new nonprofit and education vertical led by CEO Rob Acker to focus on the sales, marketing and customer success of the Salesforce Customer Success Platform.

The new company will also develop's Nonprofit Cloud, Education Cloud and Philanthropy Cloud vertical applications.

Salesforce said the acquisition will scale its philanthropic efforts and create strategic synergies in driving greater success for its nonprofit, education and philanthropy customers.

Salesforce was founded in 1999 along with, it said, the company has provided technology for free or at a discounted rate to more than 40,000 nonprofits and education institutions and donated more than 260 million dollars in grants.