Salesforce's (CRM) proposed acquisition of customer service platform Fin for $3.6 billion shows the growing importance of artificial intelligence-powered customer service tools and could provide a new growth driver for its Service Cloud business, Truist Securities said in a note Monday.
The brokerage noted that Fin, formerly known as Intercom, recently surpassed $400 million in annual recurring revenue, with its AI customer service product generating more than $100 million in ARR.
Truist said customer service automation remains one of the clearest use cases for AI agents and highlighted Fin's traction in the market, including capturing about 20% of customer experience software spending.
The firm maintained its buy rating and $280 price target on Salesforce.
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