Salesforce.com (CRM) has reached a definitive deal to acquire ExactTarget (ET), a cloud marketing platform, for about $2.5 billion. As part of the transaction, salesforce.com would begin a tender offer for all outstanding shares of ExactTarget for $33.75 per share cash. The transaction, which is unanimously approved by the boards of both companies, may close late in salesforce.com's fiscal second quarter, ending July 31, 2013.
The proposed ExactTarget acquisition is likely to increase fiscal 2014 total revenue by $120 million to $125 million, reflecting an approximately $65 million to $70 million reduction on fair value adjustments to billed deferred revenue and unbilled backlog, adjustments related to the combined customer base, and inter-company revenue elimination. The transaction is expected to reduce non-GAAP earnings per share for fiscal 2014 by around $0.16.
Based on an expected late fiscal second quarter close date, the acquisition is not expected to have any material impact to salesforce.com's second quarter of fiscal 2014 revenue results guided earlier. Non-GAAP earnings per share is expected to be in the range of $0.06 - $0.07.
For the fiscal year 2014, non-GAAP earnings per share is expected to be in the range of $0.31 - $0.33, and revenue in the range of $3.955 billion - $4.0 billion. Analysts project full-year earnings of $0.49 per share, on $3.87 billion in revenue.
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