Salesforce pays $689M for social media market platform

Acquisition gives Salesforce one of world’s largest social media marketing platforms., which recently unveiled a cloud solution that will allow government agencies to share new social and mobile technologies, is buying Buddy Media, one of the world’s largest social media marketing platforms, for $689 million in cash and equity, the company announced today.

“Combining market leaders Salesforce Radian6 and Buddy Media, the Salesforce Marketing Cloud immediately will become the platform of choice for brands to listen, engage, gain insight, publish, advertise and measure social marketing programs,” the June 4 Salesforce announcement said. now has the No. 1 players in social listening and marketing – Radian6 and Buddy Media, Chairman and CEO Marc Benioff said in announcing the acquisition.

“With CMOs surpassing CIOs in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity,” he added.

Following the completion of the deal, which is expected during’s fiscal third quarter ending October 31, Salesforce said it expects fiscal 2013 revenue of $2.99 billion to $3.025 billion.