Meta Enters Enterprise Software Fray with New Platform and Key Hire

Meta Platforms has made a significant move into enterprise software, releasing the Meta Enterprise Platform and naming MongoDB CEO Chirantan Desai to lead it.

The platform includes tools such as the Muse AI agent, Meta Business Agent, Muse API, and others aimed at enterprise customers.

The announcement has put pressure on software stocks, with the iShares Expanded Tech-Software Sector ETF falling 2% in early trading, and ServiceNow dropping 5%, Salesforce declining 4.5%, Microsoft losing 2%, Oracle falling 3%, Figma dropping 6%, Adobe falling 4%, SAP slipping 3%, monday.com (MNDY) sinking 7%, and Accenture ACN declining about 1.5%.

Meta's enormous computing infrastructure, AI models, and massive business-user ecosystem make it a significant player in the enterprise software market, potentially putting it in competition with Salesforce, ServiceNow, Microsoft, and Oracle.