NEW YORK (TheStreet) -- Demandware (DWRE) stock closed higher by 56.01% to $74.87 on heavy trading volume on Wednesday after the enterprise cloud commerce solutions company agreed to be acquired by Salesforce.com (CRM) in a $2.8 billion transaction.
Shares of Salesforce, an enterprise cloud computing solutions provider, closed down 0.31% to $83.45 today.
Salesforce agreed to pay $75 per share in cash for each outstanding share of Demandware in a tender offer. The deal is expected to close by July 31.
The acquisition is expected to add $100 million to $120 million in revenue to Salesforce's total fiscal 2017 revenue.
"With Demandware, Salesforce will be well positioned to deliver the future of commerce as part of our Customer Success Platform and create yet another billion dollar cloud," Salesforce CEO Marc Benioff said in a statement.
By the end of the trading day, 19.67 million shares of Demandware had been traded, more than 40 times its average daily volume of 475,291 shares.
Separately, Demandware has a "sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, generally disappointing stock performance and feeble earnings per share growth.
You can view the full analysis from the report here: DWRE
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.