Here's a snippet from the release:
"Salesforce.com, the enterprise cloud computing company, today announced that it has entered into a definitive agreement to acquire Buddy Media, the world's leading social media marketing platform, for approximately $689 million payable in cash and salesforce.com equity. The transaction is expected to be completed during salesforce.com's fiscal third quarter ending October 31, 2012, and is subject to customary closing conditions."
And here's a video from Buddy Media CEO Mike Lazerow:
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