Startup News Databricks to Acquire MosaicML in $1.3 Billion Deal
Databricks, a data and AI company, has announced that it will acquire MosaicML, a leading generative AI platform. The deal is valued at $1.3 billion, inclusive of retention packages.
The acquisition will allow Databricks to offer a unified platform for data scientists and engineers to build, train, and deploy generative AI models. MosaicML’s platform is known for its ease of use and its ability to scale to large datasets.
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“We are excited to welcome the MosaicML team to Databricks,” said Ali Ghodsi, co-founder and CEO of Databricks. “MosaicML’s platform is a powerful addition to our portfolio, and we believe it will help us make generative AI more accessible to our customers.”
Naveen Rao, co-founder and CEO of MosaicML, said that the acquisition was a “natural fit” for the two companies.
“Databricks is the leading platform for data science and engineering, and we believe that our platform will be a valuable addition to their offering,” Rao said. “Together, we will be able to accelerate the adoption of generative AI across a wide range of industries.”
The acquisition is expected to close in the third quarter of 2023.
Here are some of the key takeaways from the article:
- Databricks is acquiring MosaicML, a leading generative AI platform.
- The deal is valued at $1.3 billion, inclusive of retention packages.
- The acquisition will allow Databricks to offer a unified platform for data scientists and engineers to build, train, and deploy generative AI models.
- MosaicML’s platform is known for its ease of use and its ability to scale to large datasets.
- The acquisition is expected to close in the third quarter of 2023.
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