Salesforce Invests $100 Million in Tech Company, Declines to Confirm Dropbox is Target
March 09 2018 - 9:23PM
Dow Jones News
By Maria Armental
Salesforce.com Inc.'s (CRM) investment arm, Salesforce Ventures,
is investing $100 million in a late-stage company--one of
Salesforce's largest strategic investments to date.
Salesforce, which didn't initially disclose the company's name,
said it expects its ownership interest to be less than 5%. The
disclosure, in Salesforce's 10-K filing, comes hours after the
company and Dropbox Inc. said they were forming a strategic
partnership.
Salesforce Ventures has been an investor in Dropbox since
2014.
Earlier Friday, Salesforce's outside public-relations firm sent
an email about the expanded Dropbox partnership, noting that
"Salesforce Ventures is making a $100M strategic investment in
Dropbox." About five hours later, the PR firm recalled that email,
and followed with another that didn't include any information about
a $100 million investment.
A Salesforce spokesperson declined comment.
--Jay Greene contributed to this article.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
March 09, 2018 21:08 ET (02:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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