Executive Summary

Salesforce M&A AI infra screening identifie 10 targets éligibles entre €5-60M ARR avec strong Agentforce thesis fit. Top 3 pursue-now recommendations : (1) Helicone (LLM observability, ARR €18M, fit 88) — synergies developer experience + agent monitoring stack ; (2) Aleph AI (compliance AI EU regulated, ARR €6.8M, fit 86) — synergies sovereign EU + AI-Act readiness offering ; (3) Stack AI (enterprise AI workflows, ARR €22M, fit 82) — synergies workflow automation. Valuation expected combinée €2.8Md (multiples 12-18x ARR). Synergies 5-year run-rate €640M cumul Agentforce uplift + cross-sell base Salesforce 150k+ enterprise customers. Closing window Q3-Q4 2026 optimal — competition Microsoft/Google sur same target pool. Integration risk medium (tuck-in mode minimise vs platform/transformative). Recommandation : kickoff diligence Helicone + Aleph AI dans 30 jours, monitor Stack AI Q1 2027.

Market map

Le marché AI infra Series B/C 2026 = ~150 companies actives (Pitchbook + CB Insights). Filtre Salesforce thesis (ARR €5-60M + Agentforce-compatible + EU/US/UK geo) = 35 candidates. Top 10 retenus sur fit score ≥ 60. Concentration géo : 70% USA / 15% EU / 15% UK. Valuation multiples : 8-18x ARR (médiane 13x post-Q1 2026 correction). Trois clusters dominant : (1) LLM observability (Helicone, Galileo, Arize), (2) AI agentic workflows (Stack AI, LangChain), (3) compliance/governance (Aleph AI, Credo AI). Competitor M&A activity : Microsoft 4 acquisitions H1 2026 + Google 3 + AWS 2. Salesforce 1 acquisition H1 2026 (small acquihire) — opportunity to step up.

Targets screened (10)