Shares of Salesforce (NYSE: CRM) rose on Monday, following reports that Elliott Management had made a sizable investment in the cloud software leader. As of 1:30 p.m. ET, Salesforce's stock price was up more than 3%.

Elliott purchased a multibillion-dollar stake in Salesforce, according to the Wall Street Journal.

"Salesforce is one of the pre-eminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for Marc Benioff and what he has built," Elliott managing partner Jesse Cohn told the Journal. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature."

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Source Fool.com