Salesforce is buying cloud data management company Informatica in an $8 billion deal to bolster the software vendor’s push into artificial intelligence.

Shares of Salesforce closed more than 1 percent higher. Informatica stock rose 6 percent.

Steve Fisher, Salesforce president and chief technology officer says, “Truly autonomous, trustworthy AI agents need the most comprehensive understanding of their data. The combination of Informatica’s advanced catalog and metadata capabilities with our Agentforce platform delivers exactly this.”

As per the agreement, owners of Informatica’s Class A and Class B-1 common stock will get $25 in cash for each share, as stated in the announcement.

The firms were negotiating a potential agreement. The report caused Informatica's shares to rise by over 17 percent.

Salesforce, a leader in customer relationship management software, announced plans to merge Informatica’s data catalog, integration, governance, privacy, and data management services with its AI solution, known as Agentforce.

The agreement will be financed via a mix of cash on Salesforce’s part and new borrowing, the company announced.

The purchase contributes to a series of agreements Salesforce has completed over the years as the firm has aimed to broaden its product range and increase market presence. In 2021, it acquired Slack for $27.7 billion, in 2019, it purchased Tableau for $15.7 billion and in 2018, it bought MuleSoft for $6.5 billion.

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Salesforce CEO Marc Benioff says, “The company would look to use Informatica alongside its Data Cloud, MuleSoft and Tableau products to enable autonomous agents to deliver smarter, safer, and more scalable outcomes for every company.”