SAN FRANCISCO (AP) — Salesforce.com will spend more than $2.3 billion to buy marketing software company ExactTarget.
Salesforce.com —which provides software for sales staff over the Internet — will pay $33.75 per share. That's a 53 percent premium to ExactTarget's Monday closing price of $22.10. The companies put the deal's value at approximately $2.5 billion.
ExactTarget Inc. has about 69.3 million outstanding shares, according to FactSet. The Indianapolis company's stock jumped 52.5 percent in Tuesday premarket trading.
More than 6,000 companies use ExactTarget to manage their digital marketing, including Coca-Cola Co., Gap Inc. and Nike Inc.
The buyout was approved unanimously by the boards of both companies and is expected to close by July 31.
Salesforce.com Inc. is based in San Francisco. Its stock rose more than 3 percent before the market opened.