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San Francisco cloud-computing powerhouse Salesforce.com Inc. girded itself against assaults by large software companies Monday by officially announcing an agreement to buy enterprise social-media company Buddy Media for nearly $700 million.
Salesforce is in a hurry to build on its offerings as it faces increased competition from Redwood City, Calif.-based Oracle Corp. and other software giants. Oracle has been aggressive in acquisitions in the cloud-computing space during the past few months, including spending a combined $3.4 billion to buy RightNow Technologies and Taleo and last month's $300 million purchase of Buddy Media rival Vitrue.
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