As Salesforce continues to increase its share of the customer relationship management (CRM) market, the company reported its revenues grew by 25 percent year over year to $3 billion in its first fiscal quarter of 2019. In addition, the company’s unearned revenue also grew by 25 percent to $6.2 billion, The Motley Fool reported.
Overall, Salesforce’s share of the global CRM market has grown to almost 20 percent in 2017: That growth rate is higher than the all of the company’s four biggest competitors collectively. In addition, the company is growing into new verticals. Salesforce recently acquired MuleSoft, for example.
“Integration has never been more strategic,” Salesforce Chairman and CEO Marc Benioff said in a conference call with analysts. “So many of the CEOs I spoke with told me that data remains locked in their legacy systems and is holding them back. With MuleSoft, we're now enabling our customers to connect all of their data across any public or private cloud and on-premise to radically enhance innovation and create incredible customer experiences.
The news comes as Salesforce is planning to invest more than $2.2 billion in the French market, reports in Reuters said in April. Salesforce’s five-year plan signals strengthening ties between the company and France following the election of President Emmanuel Macron. The American Chamber of Commerce released a survey late last year that tied Macron’s election to increased optimism among U.S. investors for French expansion.
The software firm said it expects to grow rapidly in the French market by hiring new staff, acquiring more real estate and broadening its data storage capacity, reports said. Its investment plans coincided with Macron’s U.S. visit, making the French president the first foreign leader to be hosted by U.S. President Donald Trump in Washington.
“In the context of his state visit to the United States, Salesforce announced to President Macron an investment of more than $2.2 billion in the company’s French business over the next five years,” Salesforce had declared in a statement.