Salesforce kicked off its annual Dreamforce event on Tuesday in San Francisco, focusing on its latest acquisitions showcasing some of its latest product updates.
At an opening keynote, Salesforce founder and co-CEO Marc Benioff invited a slew of executives from inside and outside of the company to define the company's vision for this year and beyond. Salesforce (CRM) - Get Report shares were up 0.84% on Tuesday to $164.14.
"I think we can surely say that this fourth wave of computing is now on us," said Benioff at the keynote, referring to the ways Salesforce's efforts in areas like AI and machine learning have trickled up into core products such as its Customer 360 platform.
Several years after first introducing its Einstein intelligent assistant, Salesforce has boosted its capabilities in data analytics and app integration thanks to a series of recent acquisitions.
Two of its recent acquisitions include Tableau, which it bought several months ago for $15.7 billion, and ClickSoftware, a platform for field service optimization, which it bought in August for $1.3 billion. Salesforce also snapped up Mulesoft, a software firm focused on back-end app integration, for $6.5 billion in 2018.
The size of the Tableau deal in particular raised questions among some investors over what the company means for Salesforce's core business and how that and other acquisitions will impact Salesforce's margins.
Placing some of its acquisitions front and center at the keynote, Salesforce painted a picture of how Mulesoft and Tableau -- its two costliest-ever acquisitions -- complement its core product suite.
Tableau's CEO, Adam Selipsky, joined Benioff onstage to pitch the product to Salesforce's base of customers, developers and partners, many of whom already use Tableau's data visualization software.
Describing Tableau as "the Switzerland of data," because of its focus on working with data from diverse sources, Selipsky told the audience that the product is approachable to anyone within an organization, no matter how experienced. He also ticked off numerous examples of how the software can be used to save large enterprises money, also pointing the audience to a free trial through Salesforce.
Mulesoft's CMO, Lindsey Irvine, also took the stage to demonstrate how its integration technology can assist in delivering information faster, such as surfacing data from a company's inventory to the customer service level.
Shares of Salesforce are up 21% year to date.
Salesforce is a holding in Jim Cramer's Action Alerts PLUS member club.