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Salesforce/Tableau: cloud cuckoo consolidation

Summary:
Hot off the press pre-market:Salesforce (NYSE: CRM), the global leader in CRM, and Tableau Software (NYSE: DATA), the leading analytics platform, have entered into a definitive agreement under which Salesforce will acquire Tableau in an all-stock transaction, pursuant to which each share of Tableau Class A and Class B common stock will be exchanged for 1.103 shares of Salesforce common stock, representing an enterprise value of .7 billion (net of cash), based on the trailing 3-day volume weighted average price of Salesforce's shares as of June 7, 2019(The FT story can be read here, for wider context.)A month or so ago, Alphaville wrote about the nebulous valuations attached to the cloud kings — the subscription focused online software businesses which, thanks to their high margins and

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