Salesforce.com ( CRM) finalized its acquisition of Buddy Media on Monday, purchasing the social enterprise software company for $689 million. Buddy Media, which counts Ford ( F), HP ( HPQ) and L'Oreal among its customers, helps firms exploit their social media marketing with a technology platform that measures the effectiveness of their efforts and lets them test new initiatives. The Buddy Media deal adds a key string to the Salesforce.com social media bow, according to CEO Marc Benioff. "Salesforce.com now has the number one players in social listening and marketing - Radian6 and Buddy Media," he explained, in a statement. "With CMOs surpassing CIOs in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity." Salesforce will pay approximately $687 million in cash and Salesforce.com equity for Buddy Media. The acquisition is expected to close during the company's fiscal third quarter. Shares of Salesforce ended the week up 4.2% at $136.49.
As Cisco ( CSCO) continues to focus on expanding its business for the content boom, the company announced its latest router technology on Tuesday, unveiling its new family of ASR 5500 products. The tech giant is touting the ASR 5500 as a key tool to help service providers wrestling with an explosion in Internet connections. Cisco predicts mobile Internet traffic will increase 18-fold by 2016. "We think
Linkedin ( LNKD) confirmed a major security breach on Wednesday, which saw a large number of passwords hacked. LinkedIn director Vincente Silveira explained, on the company blog, that "some of the passwords that were compromised correspond to LinkedIn accounts." Shares of Linkedin gained 5.19% during the week to close at $96.26.
Next week is a big one, as Apple's WWDC takes center stage in the tech world. I'll be out in California doing a live blog of the event. I'll also be meeting with several other technology companies and will have some exciting things to talk about when I get back. I'll be off the grid most of the week, but fear not, loyal readers, I will return. Enjoy the weekend everyone. Interested in more on Cisco? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull