Over the past 18 months, Salesforce.com has deployed roughly $24 billion to gobble up niche software firms.
It has issued stock to fund many of these purchases, which indicates overvaluation.
The stock is also overvalued by all other traditional metrics.
How do you measure a company's value when its growth and fundamentals rely on external acquisitions rather than internal innovations? That's the key question for investors in the enterprise software space. Market leaders like Salesforce.com