Coatue Management LLC now owns 2,412,405 shares of the software company's stock valued at $289,489,000 after buying an additional 934,635 shares during the last quarter.
Tableau offers a self-service analytics platform allowing non-specialists to work with data and used by more than 86,000 corporate customers around the world.
Both companies emphasized the role that CRM and business intelligence software plays in the $1.8 trillion digital transformation space and said the Salesforce-Tableau combination will position Salesforce as a major force in that market.
The acquisition is expected to decrease fiscal year 2020 non-GAAP EPS by $0.37 to $0.39. In its last fiscal year ending January 31, Salesforce earned $1.43 per share on $13.28 billion in revenue. "It's truly the best of both worlds for our customers - bringing together two critical platforms that every customer needs to understand their world", he said.
Keith Block, co-CEO of Salesforce, also commented on the deal.
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By buying Seattle-based Tableau, Salesforce sends a clear message to the market about which BI platform is in line with its mission, she said. Tableau's software portfolio includes the Tableau Desktop and Tableau Online business analytics and data visualization tools for users, Tableau Server and the recently released Tableau Prep data preparation toolset.
The current data analytics acquisition binge gained momentum last week when Google's (NASDAQ: GOOGL) cloud unit announced a $2.6 billion all-cash deal to buy data platform and visualization tool vender Looker. He said Tableau and Salesforce complement each other, and the deal could be successful if Tableau is able to stay "laser focused" on its core analytics product. It is the second big deal involving a data software company to be announced in the past week.
"The recent announcement regarding the new acquisition of Tableau by Salesforce complements the existing Salesforce Analytics cloud and expands it with industry-leading capabilities", said Matt Meents, senior vice president and head of Magnet360, Mindtree's Salesforce practice.
The takeover will mark Salesforce's largest deal to date, according to data compiled by Bloomberg.