Official Databricks press releases, major financial news outlets

Databricks Acquires Tabular for Nearly $2 Billion Amid Intense Rivalry with Snowflake

Aug 14, 2024, 02:11 PM

Databricks has reportedly paid nearly $2 billion to acquire Tabular, a startup with just $1 million in annual recurring revenue. This acquisition highlights the fierce competition between Databricks and Snowflake as they vie for dominance in the data and AI industry. The rivalry is marked by secret codenames, aggressive marketing strategies, and significant sales incentives. The acquisition of Tabular is part of Databricks' strategy to enhance its capabilities in organizing AI data, a field where both companies are striving to outpace each other and fend off competition from tech giants like Microsoft.