Pyramid, the startup that built a new generation of web-based applications, is getting a big new contract.
The company will be bought by Salesforce for $7.6 billion, according to a Bloomberg report, which said that the deal includes a $5 billion loan from the government.
Salesforce’s new CEO, Mike Schramm, is reportedly the architect of the deal.
“We have built a world-class team, including the world’s most valuable software development and business development talent, to drive Pyramid’s growth and impact,” Salesforce CEO Marc Benioff said in a statement.
“It is our mission to build products that are trusted, secure, scalable and accessible.”
Pyramid is the latest big acquisition for Salesforce, which was once considered the king of online tools.
Its software, which has been used by companies like LinkedIn and Zynga, is popular with developers and for its easy-to-use tools, which can make it easier for companies to scale their websites.
The new acquisition, however, does not change Salesforce or Pyramid in any way.
The deal is expected to close in the third quarter of 2020.
The news comes on the heels of another big acquisition by SalesForce: The company is planning to buy LinkedIn for $38 billion.
SalesForce CEO Marc Bartels is expected in the company’s new board of directors, which will be led by new CEO Mike Schroepfer, who will also be joined by CEO Beniof Schramms wife, Jill, and their son, Lucas.
Sales Force CEO Marc Schrams, pictured, is expected as CEO of Salesforce after the new acquisition for the company.