Salesforce Buys Its Own Philanthropic Unit Salesforce.Org For $300M
Salesforce.com Inc. has made a somewhat unusual acquisition, buying its own independent philanthropic organization Salesforce.org in a $300 million all-cash deal.
The deal, announced today, will see Salesforce.org transition from a California public benefit corporation to a business corporation, with the $300 million going to the Salesforce.com Foundation, an independent nonprofit organization that plans to distribute the cash philanthropically.
Meanwhile, Salesforce.org Chief Executive Officer Rob Acker will head up a new nonprofit and educational business vertical at Salesforce that will focus on managing sales and marketing for the company’s Customer Success Platform. In addition, the new business unit will also develop new “vertical-focused” cloud applications for nonprofits, educational institutions and philanthropy organizations...