Databricks to buy data management firm Tabular for over $1 billion

Databricks said on Tuesday it would buy data management company Tabular for more than $1 billion.

San Francisco, California-based Databricks, a data analytics platform using artificial intelligence, said Tabular’s team of about 40 members will join it after the transaction is completed in its second quarter ending July 31.

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Last year, Databricks had secured more than $500 million in a funding round that valued the company at $43 billion, marking one of the biggest funding events for private tech companies in 2023 amid AI-fueled optimism.