Salesforce Invests $100 Million in Tech Company, Declines to Confirm Dropbox is Target

   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)

Salesforce (NYSE:CRM)
Historical Stock Chart
From Mar 2024 to Apr 2024