Meditation Capital Management LP on Braze

Meditation Capital had been invested in Braze, a customer engagement platform focused on larger, application-centric enterprises, and added to its holding during a September selloff driven by perceived AI consumer-agent disruption. Its view was that as consumer attention becomes harder for brands to reach directly, best-in-class platforms for personalized messages and effective delivery become more valuable, not less. It also saw AI as creating an opportunity to evolve marketing platforms from manually configured campaign execution into automated, intelligent decision-making systems. In the letter, the fund reports that Salesforce has agreed to acquire Braze; it now treats the position as near-cash because the buyer has no discretionary termination right and the fund believes antitrust intervention is unlikely. The current position therefore reflects a pending-acquisition outcome rather than the same open-ended upside thesis it previously held.