Cloud-based player Salesforce has dropped its plan to acquire a software development company Informatica. The deal was dissolved as the two companies could not agree on certain terms, according to a media report on Monday.
The acquisition was at the advanced stage of finalisation and could have been one of the significant business moves of Salesforce. However, the failed agreement made the cloud company lose one of its biggest acquisitions.
Both companies have chosen to remain mute on this matter.
The news of the deal broke on 12 April, when Informatica’s shares were trading at USD 38.48, as per reports. Meanwhile, Salesforce proposed a share price in the mid-USD 30s, which seems to be a reason for the fizzled agreement.
On Friday, Informatica’s shares closed at USD 35.19, valuing the company at about at about USD 11.2 billion, including debt, the report added.
Salesforce has been prolifically acquiring smaller rivals, but this time the tech giant missed the opportunity to have Informatica, which was founded in 1993 to offer subscription-based data management services over the cloud.
