Form 4: Informatica Acquired: Ithaca L.P. Disposes Shares

Ithaca L.P., a 10% owner and director of Informatica Inc., reported the disposition of 22,258,647 Class A Common Stock shares following Informatica's merger into a Salesforce subsidiary for $25.00 cash per share.

Summary

• Informatica Inc. merged with and into Phoenix I Merger Sub, Inc., a wholly-owned subsidiary of Salesforce, Inc., effective November 18, 2025.
• Ithaca L.P., identified as a Director and 10% Owner of Informatica Inc., disposed of 22,258,647 shares of Class A Common Stock.
• Each share of Informatica's Class A Common Stock held by Ithaca L.P. converted into the right to receive $25.00 in cash, without interest, at the effective time of the merger.
• Following the transaction, Ithaca L.P. beneficially owns 0 shares of Informatica Inc.
• Ithaca L.P. acts through its general partner, Ithaca G.P. Limited, which was also identified as a Director and 10% Owner.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a merger and the disposition of shares for cash by a significant insider, indicating a planned and executed transaction for the reporting person.

Positives

• Ithaca L.P. successfully exited its investment in Informatica Inc. by receiving $25.00 cash per share for its 22,258,647 shares, totaling approximately $556.47 million.

Negatives

• Ithaca L.P. no longer holds beneficial ownership in Informatica Inc. following the merger.

Risks

• NA

Future Outlook

Informatica Inc. is now a wholly-owned subsidiary of Salesforce, Inc., and its Class A Common Stock is no longer publicly traded. The future outlook for Informatica will be integrated within Salesforce's strategic plans.

Management Comments

• NA

Industry Context

The acquisition of Informatica by Salesforce represents a strategic move in the enterprise software sector, enhancing Salesforce's capabilities in data management, integration, and analytics. This trend of larger tech companies acquiring specialized software providers is common for expanding product portfolios and market reach.

Comparison to Industry Standards

• The acquisition price of $25.00 per share for Informatica Inc. can be compared to recent M&A transactions in the enterprise software and data management industry. For example, similar acquisitions like Adobe's acquisition of Figma (though later terminated) or IBM's acquisition of Red Hat involved significant premiums, reflecting strategic value. The specific premium paid for Informatica would require comparison to its pre-announcement trading price and industry valuation multiples (e.g., EV/Revenue, P/E) for companies like Snowflake, Datadog, or Oracle's cloud offerings, to assess if the $25.00 per share represents a competitive valuation for a company of Informatica's scale and market position.

Related Party Transactions

• Ithaca L.P., a 10% owner and director of Informatica Inc., disposed of its shares as part of the merger agreement, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders of Informatica Inc. (excluding Salesforce) received $25.00 cash per share, concluding their investment in the company.
• Employees of Informatica Inc. are now part of Salesforce, Inc., potentially impacting their roles, benefits, and corporate culture.
• Customers of Informatica Inc. will now be served by a Salesforce subsidiary, potentially leading to integrated product offerings and support changes.

Next Steps

• Integration of Informatica Inc. into Salesforce, Inc. as a wholly-owned subsidiary.

Key Dates

Keywords

Informatica, Salesforce, Merger, Acquisition, Form 4, Insider Transaction, Stock Disposition, Ithaca L.P., Class A Common Stock