SAN FRANCISCO (S&P Global Ratings) June 10, 2019--S&P Global Ratings said today that it views San Francisco-based software company Salesforce.com's announced acquisition of Tableau Software Inc. as modestly credit positive because we expect the investment will improve the company's data analytics capabilities and provide it with another platform to grow its customer relationship management (CRM) business. The acquisition should add $300 million to $400 million in revenues in fiscal 2020 while modestly reducing Salesforce.com's EBITDA margin. Tableau reported $1.2 billion in revenues and over $150 million in operating cash flow in fiscal 2018. The $15.7 billion all-stock purchase (on an enterprise value basis) does not affect our ratings as we do not expect the company to issue debt to fund
