April 21 (Reuters) -

Business software maker Salesforce ( CRM ) has backed away

from its talks to acquire data-management software firm

Informatica ( INFA ) after the two companies could not agree on

terms, a person familiar with the matter told Reuters on Sunday.

The talks between the two companies were at an advanced

stage earlier in April, Reuters

reported

. If the two sides had agreed on a deal, it would've ranked

as one of Salesforce's ( CRM ) biggest acquisitions.

Salesforce ( CRM ) and Informatica ( INFA ) did not immediately respond to

requests for comment from Reuters.

Salesforce ( CRM ) had been discussing a price for Informatica ( INFA ) in

the mid-$30s a share, according to the Wall Street Journal,

which reported earlier on Sunday that the talks between the two

sides had fizzled. When news of the deal talks first broke on

April 12, Informatica's ( INFA ) shares were trading at $38.48.

Informatica's ( INFA ) shares closed at $35.19 on Friday, valuing

the Redwood City, California-based company at about $11.2

billion, including debt.

Founded in 1993, Informatica ( INFA ) offers subscription-based data

management services over the cloud and helps automate tasks for

more than 5,000 active customers. Informatica's ( INFA ) customers

include Unilever and Deloitte, according to the company's

website.

Salesforce's ( CRM ) dealmaking strategy came under scrutiny in

early 2023, when activist investors, including ValueAct Capital

and Elliott Management, questioned the company's strategy and

pushed the management for changes.

In response, Salesforce ( CRM ) implemented cost-cutting and

increased share buybacks. It also disbanded its mergers and

acquisitions board committee.

Throughout its history, Salesforce ( CRM ) has been a prolific

acquirer of smaller rivals. In 2019, it bought data analytics

platform Tableau Software in an all-stock deal valued at $15.7

billion. A year later, Salesforce ( CRM ) agreed to buy workplace

messaging app Slack Technologies for nearly $28 billion, its

biggest acquisition.