Tableau Software, Inc.
10-K - Mar 5, 2020
In August 2019, the Company acquired all outstanding stock of Tableau Software, Inc. (“Tableau”) which provides a self-service analytics platform that enables users to easily access, prepare, analy...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Salesforce, Inc.
CRMActiveCIK 1108524 · Tech & Software Serial Acquirers
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CRM filings, SEC EDGAR
$172,727
Market cap ($MM)
$182,576
Enterprise value ($MM)
$41,525
Revenue · LTM ($MM)
$12,725
EBITDA · LTM ($MM)
31%
EBITDA margin
4.4x
EV / revenue
14.3x
EV / EBITDA
0.6x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CRM is a scaled public consolidator in Tech & Software, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is MSFT, ORCL, CSCO, ADBE.
Balance sheet & capacity
Indicative capacity read: 0.6x net debt / EBITDA with EBITDA of $13B.
$7,327
Cash & equiv. ($MM)
$14,439
Total debt ($MM)
$7,112
Net debt ($MM)
0.6x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CRM versus the scaled public Tech & Software Serial Acquirers comparables.
Indexed share-price performance
CRM versus available Tech & Software Serial Acquirers peers and SPY.
-25%
CRM
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Salesforce, Inc. | CRM | $41,525 | $12,725 | 31% | $172,727 | $182,576 | 4.4x | 14.3x | 0.6x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CRM's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
64
Active years
20
Named deals
9
Avg / active year
3.2
Acq. cash outflow ($MM)
N/A
Banker read
- 01CRM reads as a programmatic acquirer: 64 disclosed acquisitions across 20 active years, or 3.2 per active year. The chart shows activity in 11 of the last 12 visible years.
- 02In the last three years, the file shows 7 acquisitions versus 6 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $42B of disclosed spend is concentrated in lumpy years, with FY21 the largest year at $15B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
CRM count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
7 / 6
Last three years is up 17% vs prior three.
Peak count year
FY17
8 disclosed acquisitions in the peak visible year.
Recent spend
$12B
is down 27% vs prior three; peak FY21 at $15B.
Named evidence
9 rows
14% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Aug 1, 2019 | Tableau Software, Inc. | Tech software serial acquirers | $14,845 | In August 2019, the Company acquired all outstanding stock of Tableau Software, Inc. (“Tableau”) which provides a self-service analytics platform that enables users to easily ac... | 10-K† |
| Jul 11, 2016 | Demandware, Inc. | Tech software serial acquirers | $2,930 | In July 2016, the Company acquired for cash the outstanding stock of Demandware, Inc. (“Demandware”), an industry-leading provider of enterprise cloud commerce solutions in the... | 10-K† |
| Jun 1, 2019 | Salesforce.org | Tech software serial acquirers | $134 | In June 2019, Salesforce.org, the independent nonprofit social enterprise that resold the Company's service offerings to non-profit and higher education organizations, was combi... | 10-K† |
| Jul 21, 2021 | Slack Technologies, Inc. | Tech software serial acquirers | $27,105 | On July 21, 2021, the Company acquired all outstanding stock of Slack Technologies, Inc. (“Slack”), a leading channel-based messaging platform. The acquisition date fair value o... | 10-K† |
| May 1, 2018 | MuleSoft, Inc. | Tech software serial acquirers | $6,400 | In particular, in May 2018, we completed our largest acquisition to date of MuleSoft, for $6.4 billion, which we are continuing to integrate. | 10-K† |
| Jul 12, 2013 | ExactTarget | Tech software serial acquirers | $2,585 | On July 12, 2013, the Company acquired for cash the outstanding stock of ExactTarget, a leading global provider of cross-channel, digital marketing solutions that empower organi... | 10-K† |
| Oct 1, 2019 | ClickSoftware Technologies, Ltd. | Tech software serial acquirers | $1,386 | In October 2019, the Company acquired all outstanding stock of ClickSoftware Technologies, Ltd. ("ClickSoftware"), which provides field service management solutions. The Company... | 10-K† |
| Oct 1, 2025 | Regrello Corp. | Tech software serial acquirers | $818 | In October 2025, the Company acquired all of the outstanding stock of Regrello Corp. (“Regrello”), the developer of an AI-native business process automation solution. The acquis... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 15 SEC-backed facts across 6 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
6
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Mar 2, 2026 | Annual M&A 10-K | quarantined (1 issue) | 4 | $9.3B | $13B | SEC filing |
| FY2024 | Mar 5, 2025 | Annual M&A 10-K | quarantined (1 issue) | 3 | $2.7B | $2.9B | SEC filing |
| FY2023 | Mar 6, 2024 | Annual M&A 10-K | quarantined (1 issue) | 1 | $82.0MM | $340MM | SEC filing |
| FY2022 | Mar 8, 2023 | Annual M&A 10-K | accepted | 1 | $439MM | $27B | SEC filing |
| FY2021 | Mar 11, 2022 | Annual M&A 10-K | quarantined (1 issue) | 2 | $15B | $28B | SEC filing |
| FY2020 | Mar 17, 2021 | Annual M&A 10-K | accepted | 2 | $1.3B | $15B | SEC filing |
| FY2019 | Mar 5, 2020 | Annual M&A 10-K | quarantined (1 issue) | 2 | $369MM | $15B | SEC filing |
| FY2018 | Mar 8, 2019 | Annual M&A 10-K | accepted | 2 | $5.1MM | $38.0MM | SEC filing |
| FY2017 | Mar 9, 2018 | Annual M&A 10-K | quarantined (1 issue) | 5 | $25.4MM | $4.2B | SEC filing |
| FY2016 | Mar 6, 2017 | Annual M&A 10-K | quarantined (1 issue) | 4 | $3.2B | $4.2B | SEC filing |
| FY2015 | Mar 7, 2016 | Annual M&A 10-K | accepted | 1 | $58.7MM | $340MM | SEC filing |
| FY2014 | Mar 6, 2015 | Annual M&A 10-K | accepted | 5 | $38.1MM | $3.1B | SEC filing |
| FY2013 | Mar 5, 2014 | Annual M&A 10-K | accepted | 2 | $2.6B | $2.7B | SEC filing |
| FY2012 | Mar 8, 2013 | Annual M&A 10-K | quarantined (3 issue) | 8 | $580MM | $873MM | SEC filing |
| FY2011 | Mar 9, 2012 | Annual M&A 10-K | accepted | 4 | $423MM | $519MM | SEC filing |
| FY2010 | Mar 23, 2011 | Annual M&A 10-K | quarantined (4 issue) | 6 | $403MM | $403MM | SEC filing |
| FY2009 | Mar 11, 2010 | Annual M&A 10-K | quarantined (1 issue) | 2 | $12.0MM | $53.9MM | SEC filing |
| FY2008 | Mar 9, 2009 | Annual M&A 10-K | accepted | 1 | $27.9MM | $32.3MM | SEC filing |
| FY2007 | Feb 29, 2008 | Annual M&A 10-K | accepted | 2 | $18.3MM | $18.3MM | SEC filing |
| FY2006 | Mar 9, 2007 | Annual M&A 10-K | quarantined (1 issue) | 1 | $15.5MM | $15.5MM | SEC filing |
| FY2005 | Mar 15, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 25, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 2, 2026 | 10-K | Regrello Corp. | Annual M&ANamed deals | SEC filing |
| Mar 6, 2024 | 10-K | Slack Technologies, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 5, 2020 | 10-K | Tableau Software, Inc.; Salesforce.org; ClickSoftware Technologies, Ltd. | Annual M&ANamed deals | SEC filing |
| Mar 8, 2019 | 10-K | MuleSoft, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 9, 2018 | 10-K | Demandware, Inc.; Krux Digital, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 6, 2015 | 10-K | ExactTarget | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Demandware
10-K - Mar 9, 2018
In July 2016, the Company acquired for cash the outstanding stock of Demandware, Inc. (“Demandware”), an industry-leading provider of enterprise cloud commerce solutions in the digital commerce mar...
Salesforce.org
10-K - Mar 5, 2020
In June 2019, Salesforce.org, the independent nonprofit social enterprise that resold the Company's service offerings to non-profit and higher education organizations, was combined with the Company...
Slack Technologies, Inc.
10-K - Mar 6, 2024
On July 21, 2021, the Company acquired all outstanding stock of Slack Technologies, Inc. (“Slack”), a leading channel-based messaging platform. The acquisition date fair value of the consideration ...
MuleSoft, Inc.
10-K - Mar 8, 2019
In particular, in May 2018, we completed our largest acquisition to date of MuleSoft, for $6.4 billion, which we are continuing to integrate.
ExactTarget
10-K - Mar 6, 2015
On July 12, 2013, the Company acquired for cash the outstanding stock of ExactTarget, a leading global provider of cross-channel, digital marketing solutions that empower organizations of all sizes...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.