Wachtell, Lipton, Rosen & Katz and Morrison & Foerster represented Salesforce.com Inc. in its $15.7 billion all-stock acquisition of analytics platform Tableau Software, which was represented by Cooley.
Salesforce said Monday that Tableau’s Class A and B shareholders would receive 1.103 shares of Salesforce’s common shares for each share they own, representing an enterprise value of $15.7 billion.
The Tableau deal is the biggest acquisition in San Francisco-based Salesforce’s history. The all-stock deal is worth more than double the amount it paid to acquire cloud application builder MuleSoft last year.
“Tableau helps people see and understand data, and Salesforce helps people engage and understand customers,” Salesforce CEO Marc Benioff said in the company’s announcement Monday. “It’s truly the best of both worlds for our customers—bringing together two critical platforms that every customer needs to understand their world.”
Wachtell’s team was led by corporate partners Andrew Nussbaum, Edward Lee and Raaj Narayan, with the assistance of six partners and six more associates from the firm’s corporate, antitrust, tax and executive compensation and benefits teams.
Morrison & Foerster advised Salesforce on the intellectual property and privacy aspects of the deal. That team was led by Tessa Schwartz, a partner in the San Francisco office and co-chair of the firm’s technology transactions group. She was joined by privacy partner Christine Lyon, technology transactions associate Justin Haan, and privacy associate Mary Race.
Tableau was represented by Cooley corporate partners Jamie Leigh, Ben Beerle, and Jodie Bourdet, as well as associates Ian Nussbaum and Edmond Lay.
Tableau, which was founded in 2003 and went public in 2013, makes software that allows users to build databases, spreadsheets, graphs and maps from their data. After the acquisition, Tableau will continue to operate independently under its existing brand, and it will remain headquartered in Seattle. Tableau CEO Adam Selipsky and the current leadership team will stay in place as well.
“Joining forces with Salesforce will enhance our ability to help people everywhere see and understand data,” Selipsky said in a statement. “As part of the world’s No. 1 CRM company, Tableau’s intuitive and powerful analytics will enable millions more people to discover actionable insights across their entire organizations.”
The lawyers leading Salesforce’s deal teams have had a hand in some other multibillion-dollar transactions in recent months.
Wachtell’s Nussbaum landed a lead role on a $4.4 billion private equity acquisition of U.K.-based travel technology firm Travelport Worldwide Ltd, by affiliates of Siris Capital Group LLC and Evergreen Coast Capital Corp., announced in December 2018. And Morrison & Foerster’s Schwartz represented Uber Technologies Inc. in its $3.1 billion acquisition of Middle East car booking app Careem earlier this year.
A recent transaction Cooley handled was more noteworthy for the brand than the dollar value—the firm represented media company Meredith Corp. as it sold Sports Illustrated to Authentic Brands Group for $110 million. Also this year, the firm has made well over $3 million in fees advising on the IPOs for startups Uber, Zoom and PagerDuty. Uber alone paid $5.5 million to its legal counsel on its IPO, which was split between Cooley, Covington & Burling and underwriter counsel Davis Polk & Wardwell.