[Techtaffy Newsdesk]

Salesforce.com has entered into a definitive agreement to acquire social media marketing platform Buddy Media, for approximately $689 million payable in cash and salesforce.com equity.

Salesforce.com will acquire Buddy Media for approximately $467 million in cash and $184 million in salesforce.com common stock, and $38 million in vested salesforce.com options and restricted stock units.

The acquisition has been approved by Buddy Media’s board of directors and stockholders and is expected to close during the third quarter of salesforce.com’s fiscal 2013, ending October 31, 2012, subject to customary closing conditions, including the expiration or early termination of the waiting period under the Hart–Scott–Rodino Antitrust Improvements Act of 1976, as amended.