The core suite stays sticky, but the upside hinges on turning agent execution into a governed, billable spend line. Informatica improves the data foundation that often blocks production-scale agents.

If Salesforce turns Agentforce from a feature into a metered, governed “digital labor” line item—grounded in Informatica-grade data governance—revenue can re-accelerate while cash returns keep the downside bounded.

Strong distribution into revenue-critical workflows + ecosystem gives it leverage to productize agent execution; main constraint is AI economics dependence on external model/compute vendors.

Salesforce’s base business should keep compounding because it remains embedded in frontline revenue and service operations. The non-linear upside is making agent execution measurable, auditable, and billable (consumption + controls), shifting budgets from “software seats” toward “work performed.” Informatica strengthens the data-quality/governance layer that often blocks agents from production, which can lift attach, reduce time-to-value, and improve renewal confidence. The multiple likely remains below high-growth workflow peers, but a steadier AI monetization narrative plus continued capital returns can support a modest re-rating.

The two biggest risks are (1) monetization quality—turning agent pilots into durable paid consumption without eroding margins—and (2) competitive bundling, where platform incumbents use suites to make standalone “AI CRM” pricing hard to defend. Secondary risks are data/AI regulatory drag in sovereign markets and post-merger integration execution for Informatica.

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