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Salesforce (CRM) Stock Gains on $100 Million European Investment

NEW YORK (TheStreet) -- (CRM - Get Report) stock is rising by 1.48% to $77 on heavy trading volume on Tuesday, after the company's subsidiary Salesforce Ventures agreed to invest $100 million in Europe.

Salesforce Ventures, a global corporate investment group, will invest in European startups to boost cloud innovation in the region.

The European public cloud software market is expected to grow 12 times faster than other IT segments to an estimated 33.3 billion euros by 2019, according to IDC.

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"There is so much incredible innovation happening in Europe today and we want to empower the next generation of enterprise cloud startups in the region," John Somorjai, EVP of Corporate Development and Salesforce Ventures, said in a statement. "Our $100 million commitment strengthens our mission to help startups grow and give back to their communities."

San Francisco, CA-based Salesforce is a...