A sales force

After a year that saw cloud-based software-as-a-service (Saas) stocks skyrocket into the stratosphere, one brand-name company remains attractively valued: Salesforce.com (NYSE: CRM).

Salesforce is the leading global provider of cloudbased customer relationship management software. CRM software is used by consumer-facing businesses to manage customer information, log service and product issues, manage marketing campaigns, and pursue new or add-on sales. Industries using CRM software include not just retail and service but also health care, information technology, finance and manufacturing, among others. The addressable market for CRM software is huge, and it just keeps growing.

A Gartner report estimated that Salesforce controlled 18.3% of the global CRM market at the end of 2019. That’s almost as large a share as the three next-largest CRM companies combined. Salesforce has established itself as the go-to for this rapidly growing segment of the Saas stock space.

What’s more, Salesforce is in the process of acquiring Slack Technologies for $27.7 billion in cash and stock. The allure of this deal is that it allows Salesforce to use enterprise-focused communications platform Slack as a jumping-off point to promote Salesforce Customer 360.

Shares of Salesforce.com may not look cheap, recently trading at a price-to-earnings (P/E) ratio near 61, but that P/E has often been in the triple digits. Consider Salesforce for your long-term portfolio. (The Motley Fool owns shares of and has recommended Salesforce.com.)