Salesforce.com Inc., which sells business productivity software, agreed to buy Demandware Inc., a provider of cloud-commerce services, in a transaction worth about $2.8 billion.
Under the terms of the agreement, Salesforce will start a tender offer for all outstanding Demandware shares for $75 each in cash, the companies said in a statement Wednesday. The transaction is expected to close in the second quarter of Salesforce’s fiscal year 2017.
The acquisition positions Salesforce to take advantage of an increase in spending on digital commerce platforms, which is expected to grow by more than 14 percent a year to $8.6 billion by 2020, the companies said, citing research by Gartner Inc. Demandware clients include L’Oreal SA and Marks & Spencer Group Plc.
The acquisition is expected to increase Salesforce’s revenue by about $100 million to $120 million in fiscal 2017