Salesforce (NYSE: CRM) has signed a definitive agreement to acquire customer engagement platform Braze (NASDAQ: BRZE) for approximately $5.66 billion in enterprise value, the companies announced.

Under the terms of the deal, Braze Class A common stockholders will receive $47.50 per share in cash. The transaction is expected to close in Salesforce's fiscal year 2028, subject to approval by Braze shareholders, regulatory clearance, and other customary closing conditions.

Braze serves approximately 2,770 customers, including Canva, Instacart, Urban Outfitters, and Venmo. The company, co-founded by Bill Magnuson and Jon Hyman, provides a cloud-native platform that enables real-time, cross-channel customer engagement across mobile apps, email, SMS, WhatsApp, and other channels.

"Braze was built to turn live customer behavior into personalized engagement at scale," said Patrick Stokes, President of Applications and Marketing at Salesforce. "Bringing that capability together with Salesforce Marketing Cloud, CRM, and Data 360 will deliver that wow moment in every customer interaction."

Bill Magnuson, CEO and Co-Founder of Braze, said the company would continue building its platform and investing in its customer and partner community following the close of the deal.

Salesforce said there is no anticipated change to its fiscal year 2027 guidance as a result of the transaction, and the company provided no update to its long-term financial targets.

J.P. Morgan Securities is serving as financial advisor to Salesforce, while Qatalyst Partners is advising Braze. The information in this article is based on a press release statement from Salesforce.