--- title: "Sprinklr rose 17% on Salesforce's $47.50 Braze deal, but grew 1% while Braze grew 26%" description: "The market read Salesforce's purchase of Braze as a re-rating of Sprinklr, but Sprinklr grew 1% last quarter while Braze grew 26%. The pop has no number behind it; the early-December report settles it." publisher: "The Inference" section: "Platforms" published: 2026-10-23T16:22:25.944Z modified: 2026-10-23T16:22:25.944Z canonical: https://theinference.org/article/sprinklr-rose-17-on-salesforce-s-47-50-braze-deal-sprinklr-grew-1-braze-grew-26 language: en keywords: "Sprinklr, Salesforce, Braze, Stock Moves, SaaS, Valuation" --- # Sprinklr rose 17% on Salesforce's $47.50 Braze deal, but grew 1% while Braze grew 26% > The market read Salesforce's purchase of Braze as a re-rating of Sprinklr, but Sprinklr grew 1% last quarter while Braze grew 26%. The pop has no number behind it; the early-December report settles it. [Salesforce](https://theinference.org/markets/companies/salesforce) [agreed on October 19 to buy Braze for $47.50 a share in cash](https://kalkine.com/news/general-news/what-are-investors-missing-as-salesforces-offer-sends-braze-up-57-and-lifts-mondaycom-and-sprinklr-19-and-17), and [Sprinklr](https://theinference.org/markets/companies/sprinklr) rose 16.85% over the same week with no announcement of its own [1]. Salesforce, the CRM software company, bought [Braze](https://theinference.org/markets/companies/braze), a customer-engagement platform growing fast. Sprinklr, which sells customer-experience software across social, service and marketing channels, got the pop by association. The market's read-across (when a deal re-rates comparable companies' shares) has no number behind it: Sprinklr grew 1% last quarter while Braze grew 26% [1]. The decision is to trim the pop and wait for the early-December report, where subscription growth must clear 3% [1]. ## Braze's multiple is higher because it grows 26% while Sprinklr grows 1% In the quarter it agreed to be sold, Braze grew revenue 26% to $227.2 million and guided its full year to $910 million to $913 million, with 110% net retention (customers spend 10% more year over year) [1]. Sprinklr, reporting the same fiscal quarter, grew total revenue 1% to $213.7 million, subscription 3% to $194.8 million, and ran a net expansion rate of 102%, only slightly above the 100% level where growth from existing customers merely offsets churn [1]. *Chart: **Braze sold while growing 26%; Sprinklr grew 1% the same quarter** Bar chart comparing Q2 fiscal 2027 revenue growth: Braze 26%, Sprinklr subscription 3%, Sprinklr total 1%* *Year-over-year revenue growth in Q2 fiscal 2027, in percent, for Braze and Sprinklr. Guidance figures for the full year are excluded here; they are given in the text. Sources: Kalkine, October 23, 2026. [1]* That growth gap is what the valuation gap tracks. Sprinklr's enterprise value is about $1.05 billion after subtracting $452.9 million of cash against no debt, roughly 1.2 times guided revenue [1]. Salesforce paid about 6.2 times Braze's guided revenue [1]. Sprinklr trades at a fifth of what Salesforce paid, and the discount reflects a company growing at 1% against one growing at 26% [1]. ## The one real event of the week shows who owns the customer [On October 22 Sprinklr put its eight Voice of the Customer agents](https://www.businesswire.com/news/home/20261022457082/en/Sprinklr-Announces-Availability-of-VOC-Agent-Suite-in-Gemini-Enterprise-Agent-Marketplace), covering brand health, crisis monitoring, competitive benchmarking and more, into Google's Gemini Enterprise Agent Marketplace [2]. That is the right direction: specialized agents that turn customer feedback into analyst-grade answers, distributed through Agent-to-Agent connectivity into workflows enterprises already use, are where this category is going [2]. But note who carries the product. [Google](https://theinference.org/markets/companies/alphabet) owns the marketplace and the workflow; Sprinklr supplies one suite inside it. Management says AI-native products grew annual recurring revenue 40%, but discloses no dollar base, so the 40% cannot be checked against total revenue [1]. Meanwhile the board spent $125 million on an accelerated buyback that retired about 22 million shares at a price below today's [1]. The buyback shrank the share count but added no revenue growth, and the read-across buyers have now lifted the price above where management bought it back. Trim the pop, and let the December report decide: subscription growth has to clear 3% before anything Salesforce paid for Braze says anything about Sprinklr [1]. ## Takeaway Sprinklr's 17% pop is a read-across from Salesforce's $47.50 Braze deal, but Sprinklr grew 1% last quarter against Braze's 26% and trades at about a fifth of the multiple Salesforce paid; the early-December report, where subscription growth must clear 3%, settles whether the re-rating holds. ## Sources 1. [Kalkine, What Are Investors Missing as Salesforce's Offer Sends Braze Up 57% and Lifts monday.com and Sprinklr 19% and 17%, 23 October 2026](https://kalkine.com/news/general-news/what-are-investors-missing-as-salesforces-offer-sends-braze-up-57-and-lifts-mondaycom-and-sprinklr-19-and-17) 2. [Business Wire, Sprinklr Announces Availability of VOC Agent Suite in Gemini Enterprise Agent Marketplace, 22 October 2026](https://www.businesswire.com/news/home/20261022457082/en/Sprinklr-Announces-Availability-of-VOC-Agent-Suite-in-Gemini-Enterprise-Agent-Marketplace) --- Sprinklr rose 17% on Salesforce's $47.50 Braze deal, but grew 1% while Braze grew 26% — The Inference. Canonical: https://theinference.org/article/sprinklr-rose-17-on-salesforce-s-47-50-braze-deal-sprinklr-grew-1-braze-grew-26