to buy Buddy Media for $689 million is acquiring social media marketing firm Buddy Media in a US$689 million cash and stock deal, the companies announced Monday. The transaction is expected to close in’s third fiscal quarter, which ends Oct. 31.

Buddy Media counts Ford, Mattel and Hewlett-Packard among itsapproximately 1,000 customers, according to a statement. Itscapabilities for delivering targeted marketing content throughFacebook, LinkedIn and YouTube will build on the social mediamonitoring technology gained throughlast year’spurchase of New Brunswick-based Radian6.

Salesforce also paid an undisclosed sum to acquire Toronto human resources softwarefirm Rypple last December.

“With CMOs surpassing CIOs in spend on technology within the next fiveyears, our Marketing Cloud leadership will allow us to capitalize onthis massive opportunity,” CEO Marc Benioff said in astatement.

The announcement was not unexpected, coming about a week after an AllThingsDreport that said the companies were close to an agreement.However, that report cited sources saying the acquisition price wasabove $800 million.’s move also comes shortly after rival Oracle’s purchaseof Vitrue, a Buddy Media competitor.

Buddy Media and executives are expected to discuss theacquisition further during a conference call Monday.

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