Salesforce surge proves still plenty of life in CRM yet

salesforceSuggestions that CRM would simply be a flash in the pan have once again been debunked after Salesforce revealed yet another record quarter, and another billion dollar acquisition to boot.

The company has posted revenues of nearly $4.9m, a growth of 34% for Q4 2019, with full year revenues topping $17.1bn, a rise of 29% in constant currency.

It also adjusted its guidance for 2021 up to $21.1, a projected growth of 23%. Meanwhile, Salesforce has also acquired Vlocity in a $1.33bn all-cash deal.

Vlocity builds six industry-specific CRMs on top of Salesforce, in communications, media and entertainment; insurance and financial services; health; energy and utilities; government; and nonprofits.

The deal needs regulatory approval and if given the go-ahead will close some time during Salesforce’s second quarter in 2021.

In other news, co-CEO Keith Block is to step down with Marc Benioff becoming sole CEO and continuing as chairman. Block will remain as an advisor to the CEO.

Benioff commented: “Our Q4 and FY20 results were phenomenal. We are delighted to raise our revenue guidance for FY21 by $200m to $21.1bn at the high end of the range, while expanding our operating margin. Nothing is more important to us than the trust and customer success we have with each one of our customers. Salesforce’s Customer 360 platform uniquely brings companies and customers together.”

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