Salesforce stock got a bump Monday morning following a report by The Wall Street Journal that it is no longer pursuing a deal to buy Informatica, a cloud data management firm that serves the likes of Deloitte and Unilever.
Informatica — which reportedly could have been valued around $10 billion — would have been Salesforce’s largest acquisition since it purchased Slack in 2021. Shares of both Salesforce and Informatica sank about 7% on news of the potential deal last week. Salesforce stock recovered some of those losses Monday morning, rising 2%. But Informatica stock sunk almost 10%.
Salesforce has acquired more than 70 companies since 2006, the biggest of which so far has been its purchase of Slack in 2021 for $28 billion. As a cloud-based software company, Salesforce helps sales staff manage customer relationships, while Informatica allows companies to manage their data across cloud and on-premises systems for better analysis. Salesforce didn’t immediately respond to Quartz’s request for comment.
Like basically every other tech company these days, Salesforce has been focusing on AI, launching a chatbot designed specifically for businesses last fall called Einstein Copilot. While its focus on enterprise customers gives it an edge, Google is also angling for business customers, touting its partnerships with Goldman Sachs, Mercedes, and other large companies at its annual conference in Las Vegas this month.
More Salesforce news
Salesforce is trying to catch up in an AI arms race
AI investments aren’t boosting Salesforce yet
Four days, 170,000 people, and one Metallica concert later, I figured out what Salesforce is