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.

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.