高盛点评Salesforce收购Braze：认可战略逻辑但提示整合风险，属官宣次日的卖方观点无新增事实

Salesforce's ( CRM ) deal to acquire marketing platform Braze could help differentiate  the Marc Benioff-led firm, but there are certain issues that could arise, Goldman Sachs said. “We have covered Braze since the IPO in 2021: we think it is a truly differentiated technology asset because of its focus on real-time datapoint feedback loops and its flagship mobile app tools (e.g., for push notifications), and these building blocks likely become more important with agents,” Goldman analyst Gabriela Borges wrote in a note to clients. “There are two key risks: not compromising Braze’s real-time performance by introducing bottlenecks in dataflow in the process of integrating and de-duplicating functionality; and expanding Braze’s TAM beyond premium, sophisticated brands.” Delving deeper, Borges said she is “constructive” on how fast Salesforce is going from a software-as-a-service company to an artificial intelligence company, with acquisitions like Fin, Qualified, and now Braze aiding the push. However, Braze's differentiation is in its real-time architecture, so it becomes a question of when and how Salesforce can integrate Braze's tech stack into its own without hurting Braze's performance as AI agents grow in importance. “We view Braze as well positioned in this debate given its diversified engagement channels and MAU-based pricing model, which reduce reliance on any single communication channel,” Borges explained. “We view Braze as part of Salesforce’s broader effort to reinvigorate Marketing Cloud and are constructive on the strategic rationale, though it is too early to underwrite an inflection.” “Now, with Braze, we believe Salesforce may be closer to presenting a truly next-gen stack to customers (our expected timeline is ~12 months post the Braze close, to give Salesforce time to integrate fully), provided it can execute on the dynamics we outline above (no performance degradation, seamless integration, broadening of TAM),” Borges added.