Salesforce (CRM) is bringing on select team members from AI hiring startup Moonhub in a move to enhance its AI capabilities. The move comes as Moonhub is shutting down operations after three years. The financial details of the deal were not disclosed.
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Moonhub, founded in 2022 by ex-Meta (META) engineer Nancy Xu, provides AI tools for hiring, helping companies find, evaluate, and onboard talent. Its platform automates candidate searches, reaching out to potential hires and even assisting with payroll management.
It is reasonable to assume that the new talent will support the development of Agentforce, Salesforce’s platform for building autonomous AI agents.
Importantly, Salesforce was already an early investor in Moonhub, along with other investors such as Khosla Ventures, AIX Ventures, Day One Ventures, and GV (formerly Google Ventures).
Salesforce’s AI Shopping Spree
Salesforce is making efforts to expand its AI potential through acquisitions, boosting its position as a leader in AI-driven enterprise solutions
The Moonhub deal follows Salesforce’s $8 billion acquisition of Informatica (INFA), a data management solutions provider, last week. In May, CRM acquired Convergence.ai, an automation startup, to enhance its AI product offerings.
This spree signals that AI is becoming central to Salesforce’s strategy, as it aims to stay ahead in the competitive enterprise software market.
Is CRM a Buy, Sell, or Hold?
Turning to Wall Street, CRM stock has a Moderate Buy consensus rating based on 31 Buys, nine Holds, and three Sells assigned in the last three months. At $349.93, the average Salesforce stock price target implies a 31.86% upside potential.
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