Salesforce to Buy Braze for About $5.66bn

Salesforce has agreed to buy Braze, a customer engagement platform that helps brands send personalised messages across apps, email and text, “for approximately $5.66 billion in enterprise value”, it said in a press release on 20 October 2026. Holders of Braze Class A shares “will receive $47.50 in cash per share”.

The deal is not done yet. It still needs approval from Braze’s shareholders and regulators, and Salesforce expects it to close in its fiscal year 2028. If it goes through, it would give Salesforce a real-time messaging engine to sit alongside its Marketing Cloud and its Agentforce AI agents.

In brief

Salesforce has signed a definitive agreement to buy Braze for about $5.66bn in enterprise value, paying $47.50 a share in cash.
The deal would add Braze’s real-time, cross-channel marketing tools to Salesforce’s Marketing Cloud and AI agent platform.
Braze shareholders and regulators must still approve it, and Salesforce has not said what Braze adds to revenue.

What is Salesforce buying?

Braze, listed on Nasdaq as BRZE, sells software that reacts to what customers do in real time and coordinates messages across mobile apps, websites, email, SMS, WhatsApp and other channels, according to the release. Salesforce says Braze’s architecture is built for high-volume consumer engagement and powers “trillions of messages and journey actions each year”.

Braze “serves approximately 2,770 customers, including Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters, and Venmo”, Salesforce said. The company is led by its co-founders, chief executive Bill Magnuson and Jon Hyman. Its AI layer, BrazeAI, picks content, offers, channels and timing for each message.

Deal term	Detail
Enterprise value	About $5.66bn
Price per Braze share	$47.50 in cash
Braze customers	About 2,770
Expected close	Salesforce fiscal 2028

Source: Salesforce press release, 20 October 2026.

How does Braze fit with Salesforce’s AI plans?

Salesforce says Braze’s real-time engagement and AI decision-making tools are expected to “complement all four layers of Salesforce’s architecture — Data 360, Customer 360, Agentforce, and SIForce”. Within Customer 360, it says Braze would strengthen Marketing Cloud’s cross-channel personalisation.

“Braze was built to turn live customer behavior into personalized engagement at scale,” said Patrick Stokes, Salesforce’s president of applications and marketing. He said combining it with Marketing Cloud, Salesforce’s CRM and Data 360 would bring that to “every customer interaction”.

Magnuson said Braze would “continue building as Braze” and investing in its customer and partner community. “Salesforce’s platform will help us innovate faster,” he said.

Salesforce framed the deal as part of a push to give marketers “agentic solutions that can understand customers, make decisions, and act in real time”, through both in-house work and acquisitions.

What still has to happen?

The transaction “is expected to close in Salesforce’s fiscal year 2028, subject to customary closing conditions, including approval by Braze’s shareholders and receipt of required regulatory approvals”, the release says.

Salesforce said “there is no anticipated change to Salesforce’s FY27 guidance”, adding that it “has not guided FY28 and there is no update to long-term targets at this time”. The release lists risks including whether regulatory approvals and the shareholder vote are obtained, and the possibility of competing offers.

J.P. Morgan is Salesforce’s exclusive financial adviser, with Wachtell, Lipton, Rosen & Katz and Covington & Burling as legal counsel. Qatalyst Partners is advising Braze, with Davis Polk & Wardwell as its counsel.

Our read

This is TSN’s analysis. Braze comes days after Salesforce agreed to buy AI analytics platform Loops for an undisclosed price, but this deal has a headline value and targets the part of marketing where speed matters most: reacting to a customer within moments. The pitch is that AI agents need live behavioural data to act on, and Braze supplies it. The test will be whether the “open, composable approach” both companies claim survives once Braze is inside the larger platform.