Salesforce Acquires Workato in $11 Billion Cash-and-Stock Deal
The largest enterprise software transaction of the year underscores the strategic importance of integration platforms to AI-era automation.
Salesforce announced this morning a definitive agreement to acquire integration-platform vendor Workato for $11 billion in a 60/40 cash-and-stock structure, the largest enterprise software M&A transaction of 2026 to date.
Workato will form the core of an expanded Mulesoft-plus-Workato integration product line, with chief executive Marc Benioff framing the deal as essential to Salesforce's "agentic enterprise" strategy.
The price represents a roughly 26 times forward revenue multiple — toward the high end of historical software M&A but justifiable given Workato's growth and gross margin profile.
Antitrust review is expected to be straightforward. The deal closes a competitive gap with Microsoft's Power Platform and IBM's expanded Red Hat integration franchise, and reinforces the consolidation thesis playing out across the enterprise automation stack.
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