Salesforce.com Shopping For E-Mail Marketing Company?

Salesforce.com (CRM) is out shopping for an e-mail marketing company to buy, according to JMP Securities analyst Patrick Walravens.

“Our due diligence suggests that Salesforce.com has recently seriously considered acquisitions in the marketing automation space, specifically e-mail marketing,” Walravens writes in a research note. Walravens contends that such a move could help offset the slowdown in the company’s salesforce automation business, noting that e-mail marketing “is doing surprisingly well in this downturn,” offering an effective way to market directly to existing customers.

Walravens said a CRM move into e-mail marketing could be a near-term negative for Constant Contact (CTCT); but he doesn’t offer any specific potential acquisition targets, noting that many of the companies in the space are privately held.

CRM today is up $1.04, or 2.6%, to $41.

On the other hand, maybe CRM itself could be acquired.