Salesforce Gets Multibillion-Dollar Investment From Elliott: WSJ

activist investor Elliott Management Corp. It reportedly acquired a multi-billion dollar stake in a cloud software company sales force inc. CRMThe Wall Street Journal reported, citing people familiar with the matter.

What happened: Elliott Managing Partner Jesse Cohn “We look forward to working constructively with Salesforce to realize the company’s worthy values,” reported the Journal.

Cohn said Elliot has “deep respect” for Salesforce’s co-CEO Marc Benioffaccording to the report.

Details of Elliott’s campaign were not disclosed, according to the journal.

Salesforce and Elliott did not immediately respond to Benzinga’s request for comment.

Related item: Best Information Technology ETFs Right Now

Important reasons: News of Elliot’s interest in Salesforce comes as the company plans to cut its current headcount by 10% to cut costs.

Elliott is known for driving change around sales and management. The company has previously targeted technology companies such as: paypal holdings, AT&TWhen Dell.

In October, another activist investor Starboard Value LP, made a significant investment in Salesforce. Starboard manages approximately $6.2 billion in assets.

In response, Elliott, which has $55 billion in assets under management and a private equity arm, sometimes bids on companies targeting activist campaigns, the WSJ reported.

Salesforce reported revenue of $7.84 billion. This was a 14% year-over-year increase and exceeded market expectations of $7.82 billion. Still, the company’s vice chairman and co-CEO Brett Taylor announced his retirement.

Price action: Benzinga Pro data showed Salesforce shares Friday closed 3.3% higher at $151.25.

Read the following: Salesforce’s Downsizing Plan Hits Tableau Division Hardest

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