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Salesforce (NYSE:CRM) has withdrawn from talks to acquire data-management software firm Informatica due to disagreements on terms, a Reuters source revealed Sunday.

The negotiations, which were well-advanced in April, could have marked one of Salesforce’s largest acquisitions. Neither Salesforce nor Informatica responded immediately to Reuters’ requests for comment.

Reportedly, Salesforce had discussed a price for Informatica in the mid-$30s per share, according to the Wall Street Journal. The talks between the companies have since stalled. When news of the discussions surfaced on April 12, Informatica’s shares were trading at $38.48.

As of Friday’s close, Informatica’s shares were at $35.19, valuing the Redwood City, California-based company at approximately $11.2 billion, including debt.

Established in 1993, Informatica offers cloud-based data management services on a subscription basis, assisting over 5,000 active customers with task automation. Among its clients are Unilever (LON:ULVR) and Deloitte, as per the company’s website.

Salesforce’s acquisition strategy faced scrutiny in early 2023 when activist investors, including ValueAct Capital and Elliott Management, challenged the company’s direction and called for changes.

In response, Salesforce enacted cost-cutting measures, ramped up share buybacks, and dissolved its mergers and acquisitions board committee.

Known for its history of acquiring smaller competitors, Salesforce made headlines in 2019 with its acquisition of data analytics platform Tableau Software in an all-stock deal worth $15.7 billion. The following year, Salesforce made its largest acquisition by agreeing to purchase workplace messaging app Slack Technologies (NYSE:WORK) for nearly $28 billion.