Salesforce is buying AI-powered cloud data management company Informatica in a deal worth about $8 billion.

Informatica’s shareholders will receive $25 per share, a premium of about 11% from Friday’s closing price of $22.55.

The transaction will give San Francisco-based Salesforce access to Informatica’s data management capabilities.

Informatica was taken private in 2015 by private equity firm Permira and the Canada Pension Plan Investment Board for about $5.3 billion. It went public again in 2021.

“Joining forces with Salesforce represents a significant leap forward in our journey to bring data and AI to life by empowering businesses with the transformative power of their most critical asset — their data,” Informatica CEO Amit Walia said in a statement on Tuesday. “We have a shared vision for how we can help organizations harness the full value of their data in the AI era.”

Salesforce Will Issue Quarterly Report on Wednesday

Robin Washington, president and chief operating and financial officer at Salesforce, said in a statement that the acquisition will look to take advantage of Informatica’s capabilities quickly, particularly in areas such as the public sector, life sciences, health care, and financial services. Salesforce is set to report its quarterly financial results Wednesday after the bell.

Both companies’ boards have approved the deal, which is expected to close early in Salesforce’s fiscal 2027.

Shares of Salesforce rose slightly before the market open, while Informatica’s stock jumped 5.7%.