Salesforce, an enterprise cloud company, announced on Tuesday that it has decided to buy Tenyx, a company that creates speech assistants with artificial intelligence, in order to expand its AI-driven products.
As a result of the purchase, which has no announced deal value and is anticipated to finalize in the third quarter, Salesforce will welcome Tenyx’s CEO Itamar Arel and CTO Adam Earle, along with their staff.
According to its website, Tenyx is a 2022 startup based in California that serves customers in a variety of sectors, including e-commerce, healthcare, hotels, and travel.
Salesforce stated last year that it was going to quadruple its share repurchases and stop buying more companies after disbanding its mergers and acquisitions committee in response to pressure from activist investors.
To re-accelerate its revenue development, the San Francisco, California-based corporation is currently considering acquisitions. The action highlights the growing battle for Al tools and talent and is reminiscent of similar agreements made this year by internet behemoths Microsoft and Amazon.
In March, Microsoft paid $650 million to buy expertise from the Al business Inflection, and in June, Amazon hired a number of co-founders and staff members from the Al startup Adept.
Salesforce last week exceeded Wall Street forecasts for revenue and profit for the second quarter, mostly due to increased investment in its professional cloud offerings.
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