Inspired Capital raises $450 million for fourth fund
The New York-based venture firm's assets under management will reach nearly $1.4 billion, co-founder Alexa von Tobel said.
Salesforce strikes $5.66 billion deal for Braze
The offer carries a premium of about 58.1% for Braze Class A shareholders, with completion expected in Salesforce's fiscal year 2028.
Salesforce said October 20 it would acquire Braze for about $5.66 billion as it seeks to expand its business software with the New York-based company's AI personalization tools.
Under the terms, holders of Braze Class A stock will get $47.50 a share in cash, about 58.1% above the last closing price. In early trading, Braze's stock gained more than 50%, while Salesforce's shares declined.
Completion is expected during Salesforce's fiscal year 2028 and depends on required approvals. Salesforce said it does not anticipate any change to its fiscal 2027 forecast from the transaction.
Braze's technology helps marketers select messaging content, offers, delivery channels and timing. Brands can use the tools to personalize communications and react immediately to customer behavior. Its approximately 2,770 customers include Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters and Venmo.
The terms provide for Salesforce to pay a $300 million termination fee. Braze would owe $191.4 million if it walks away from the acquisition.
Salesforce's exclusive financial adviser is J.P. Morgan Securities. Braze is being advised by Qatalyst Partners.