Salesforce.com to Buy Buddy Media for $689 Million

Salesforce.com, looking to enhance its social media offerings, has agreed to buy Buddy Media for $689 million.

With the acquisition, Salesforce.com will gain access to a blue-chip roster of social media clients, including Ford, Hewlett-Packard, L’Oreal and other major advertisers that work with Buddy Media on social media advertising. Buddy Media, started in 2007, works with customers to build campaigns on Facebook, LinkedIn and Twitter, providing a platform for advertisers to publish content and monitor their social media efforts.

Salesforce has been active in the rapidly expanding space. Last year, the company purchased Radian6, which helps businesses measure their effectiveness on sites like Facebook and Twitter.

The company is not alone in its quest to snatch up companies like Buddy Media. In May, Oracle reportedly paid $300 million for Vitrue, a social media marketing company. In January, Adobe acquired Efficient Frontier, a digital and social media advertising company.

http://dealbook.nytimes.com/2012/06/04/salesforce-com-to-buy-buddy-media-for-689-million/?nl=business&emc=edit_dlbkpm_20120604