Mr Benioff - who is chairman, co-chief executive and co-founder of the cloud computing firm Salesforce.com - said that he and his wife have deep respect for the organisation and its iconic brand.
Meredith has reached a "multi-year" agreement with the Benioffs "to provide services such as consumer marketing, subscription fulfilment, paper purchasing and printing", it said.
"The power of Time has always been in its unique storytelling of the people & issues that affect us all & connect us all", Benioff wrote.
The Benioffs' purchase of Time will be kept separate from Salesforce, and the couple plans to take a hands-off approach to managing the magazine.
"Time has been at the forefront of the most significant events and impactful stories that shape our global conversation", Meredith CEO Tom Harty said.
Months after Meredith Corporation bought Time Inc. with help from the Koch brothers in November 2017, the flagship title Time found its future in doubt once again when it was put up for sale.
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Meredith, known for publications such as Better Homes & Gardens, acquired Time as part of its US$1.8 billion takeover of Time Inc.in January.
The deal, which is expected to close in 30 days, was announced to Time staffers on Sunday night.
The Benioffs will not be involved in the day-to-day operations or the editorial decisions of the magazine, the news release said.
It's not the first foray into media for a head of a tech giant, with Amazon's Jeff Bezos in 2013 purchasing the Washington Post for $250 million.
In addition to shedding Time, Meredith is also attempting to sell Fortune, Money and Sports Illustrated in a move aimed to focus on female-centered audiences.
With the Time acquisition, the Benioffs also will inherit a business facing declines in print readership and advertising as the media landscape continues its shift to digital.