Salesforce is embarking on its biggest acquisition to date, agreeing to buy MuleSoft for $6.5 billion in a cash and stock deal.

The CRM giant will pay $44.89 per share for Mulesoft, a 36 per cent premium on yesterday’s closing share price. Under the terms of the transaction each Mulesoft share will equal $36 in cash and 0.0711 shares of Salesforce stock. The deal is expected to close at the end of July.

According to the official spiel, “MuleSoft will power the new Salesforce Integration Cloud, which will enable all enterprises to surface any data–regardless of where it resides–to drive deep and intelligent customer experiences throughout a personalised 1:1 journey.”

As an API business, Mulesoft plays an important role in digital transformation projects by integrating disparate data. Google acquired MuleSoft competitor Apigee for $625 million in September 2016.

The companies said in a statement, “Salesforce and MuleSoft will accelerate customers’ digital transformations, enabling them to unlock data across legacy systems, cloud apps and devices to make smarter, faster decisions and create highly differentiated, connected customer experiences.”

“Every digital transformation starts and ends with the customer,” said Marc Benioff, Chairman and CEO, Salesforce.

“Together, Salesforce and MuleSoft will enable customers to connect all of the information throughout their enterprise across all public and private clouds and data sources—radically enhancing innovation.”

MuleSoft has more than 1,200 customers including Coca-Cola, Barclays, Unilever and Mount Sinai.

“With the full power of Salesforce behind us, we have a tremendous opportunity to realise our vision of the application network even faster and at scale,” said Greg Schott, MuleSoft Chairman and CEO.

“Together, Salesforce and MuleSoft will accelerate our customers’ digital transformations enabling them to unlock their data across any application or endpoint.”

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