Salesforce raises $500 million; Time to go shopping?

Salesforce.com doesn't need the cash, but on Monday said it would float a $500 million convertible bond offering.

The convertible bonds are due in 2015 and Salesforce.com will enter hedge transactions to minimize future dilution on shareholders.

Now Salesforce.com may just be taking advantage of low rates, but whenever a company with cash floats debt the natural question is: What for?

The official line (statement): Salesforce.com will use the proceeds for "general corporate purposes, including funding possible investments in, or acquisitions of, complementary businesses, joint ventures, services or technologies, working capital and capital expenditures."

The unofficial line: Expect Salesforce.com to go shopping. As of Oct. 31, Salesforce.com had $1.07 billion in total cash and marketable securities.