Salesforce reported revenues of $4.85 billion for the Q4 of its fiscal year 2020. This makes an increase of 35% year over year.

Along with this good news for the company, Salesforce also dropped $1.3 billion in order to buy CRM software provider Vlocity in its earnings release. Vlocity builds software on top of Salesforce that is customized for verticals such as insurance, media and entertainment and communications. With this acquisition, it will help “open up new industry capabilities built on the Salesforce platform.”

“Our deep expertise in vertical industries enables organizations to digitally transform,” said Vlocity CEO and founder David Schmaier, “while delivering seamless, industry-specific processes and data models across any channel, helping to increase sales, service and marketing agility, operational efficiency, digital adoption and simplicity. ”

If all goes to plan, the acquisition will close during the second quarter of the Salesforce fiscal year 2021.

SourceJennifer Cannon