Salesforce, a US cloud-based software giant, has announced that it will invest $4bn in its UK business over the next five years, citing high demand for artificial intelligence (AI) and digital transformations.
The company, which provides enterprise cloud computing solutions to various industries, said its investment will strengthen its UK presence, increase its capacity and create more jobs. The investment follows its previous five-year commitment of $2.5bn in 2018.
Prime Minister Rishi Sunak welcomed the announcement as a “ringing endorsement” of the UK economy and its position as a global leader in AI.
“Salesforce’s major investment in its UK business over the next five years is a ringing endorsement of our economy,” Sunak said in a statement.
“It will strengthen the company’s UK presence, increasing capacity, as well as creating vital jobs, reinforcing our position as one of their largest markets outside of the US.”
The news comes amid criticism from Microsoft president, Brad Smith, who said that the UK’s competition watchdog’s decision to block Microsoft’s acquisition of Activision Blizzard had “shaken” the confidence of the tech sector in the UK.
Smith told the BBC that the decision had sent a “clear message” that the European Union was a more attractive place to start a business than the UK.
Salesforce reported revenues of $31.3m for the fiscal year ending January 2023, an increase of 18.3% over 2022, according to GlobalData.