Salesforce pays a 58% premium for Braze

$47.50 a share, $5.66 billion in enterprise value, and a stock pop of roughly 51% for Braze shareholders the moment the deal was announced, suggesting Wall Street thinks Salesforce overpaid and Braze shareholders won't complain. The logic is straightforward: Salesforce's Marketing Cloud has been losing ground to Adobe, and Braze brings real-time customer messaging used by Canva and Instacart that Salesforce couldn't build fast enough internally, as Jefferies noted in retaining its buy rating on Salesforce. Braze itself did 18 deals in 18 months before this one, essentially outsourcing its own product roadmap through acquisition. The deal closes in Salesforce's fiscal 2028, giving roughly 18 months for Adobe to decide whether to respond with a deal of its own.