Enterprise software giant Salesforce.com (CRM) reported stronger-than-expected third-quarter earnings results on Tuesday and announced that it has signed a definitive agreement to acquire popular messaging software platform Slack Technologies (WORK).

Salesforce will acquire Slack for $27.7 billion ($26.79 in cash and 0.0776 shares), making it the largest ever acquisition for the cloud software giant.

Salesforce said the deal will be “transformative for customers and the industry” and it will “create the operating system for the new way to work, uniquely enabling companies to grow and succeed in the all-digital world.”

“[Slack CEO] Stewart [Butterfield] and his team have built one of the most beloved platforms in enterprise software history, with an incredible ecosystem around it,” Salesforce CEO Marc Benioff said in the release.

“This is a match made in heaven. Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world. I’m thrilled to welcome Slack to the Salesforce Ohana once the transaction closes,” Benioff added.

Salesforce said Slack will become the new interface for Salesforce Customer 360 and it will be “deeply integrated into every Salesforce Cloud.”

According to Salesforce, Slack will “transform how people communicate, collaborate and take action on customer information across Salesforce as well as information from all of their other business apps and systems to are more productive, make smarter, faster decisions and create connected customer experiences.”

Slack also plans to expand its footprint through Salesforce, including its customers and other companies going through a digital transformation.

Slack will continue to be led by Butterfield.

[Read more: Why Salesforce buying Slack for $27.7 billion isn't a shock]

Record Q3 results

For the third quarter, Salesforce reported revenue of $5.42 billion, up 20% year-over-year, beating analysts’ forecasts of $5.25 billion. The SaaS giant reported earnings per share of $1.74, topping forecasts for 75 cents. This is the second consecutive quarter of revenue above $5 billion.

Benioff started Salesforce in 1999, and since that time it’s become one of the fastest-growing enterprise software companies in the world with a market cap greater than $219 billion. By 2018, Salesforce was doing $10 billion-plus in annual revenues.

Salesforce raised its fiscal 2021 revenue guidance to $21.11 billion. It initiated its fiscal 2022 guidance, forecasting it to be between $25.45 billion and $25.55 billion, up 21% year over year, with approximately $600 million related to the Slack acquisition.