OAKLAND, Calif., October 13, 2025 — Fivetran, the global leader in automated data movement, signed a definitive agreement today to merge in an all-stock deal with dbt Labs, the pioneer of modern data transformation. Under the agreement, George Fraser will serve as CEO of the unified company, and dbt Labs CEO Tristan Handy will serve as co-founder and President. Following close of the transaction, the combined company will be approaching $600M in annual recurring revenue (ARR).

Fivetran and dbt share a long-standing belief that data infrastructure should be open, automated, and effortless. The combination brings complementary strengths together to deliver open data infrastructure — which unifies data movement, transformation, metadata, and activation while preserving freedom of choice for analytic compute and AI.

As part of this transaction, the company is committed to keeping dbt Core open under its current license and maintaining it with and for the community, ensuring its development remains vibrant.

“This is a refounding moment for Fivetran and the broader data ecosystem,” said George Fraser, CEO of Fivetran. “As AI reshapes every industry, organizations need a foundation they can trust — one that is open, interoperable, and built to scale with their ambitions. Our admiration for dbt and its remarkable community runs deep — this is about bringing together the best of both worlds to accelerate innovation and create lasting impact across the data community.”

The unification of Fivetran and dbt sets the standard for open data infrastructure, a new approach that reduces engineering complexity by automating data management end to end. It works across any compute engine, catalog, BI tool, or AI model, is built on open standards like SQL and Iceberg, and remains flexible so organizations avoid lock-in and can scale with future workloads.

“dbt has always stood for openness and practitioner choice,” said Tristan Handy, founder of dbt Labs. “For nearly a decade, I’ve worked to build data infrastructure that supports every engine, every format, every model, every tool, that acts as an abstraction layer across an entire ecosystem. By merging with Fivetran, we can accelerate that mission and deliver the open data infrastructure that practitioners and enterprises need in the AI era.”

The transaction has been approved by the Boards of Directors and shareholders of both companies. Finalization of the merger remains subject to customary closing conditions, including regulatory approvals. Until then, Fivetran and dbt Labs will continue to operate as separate, independent companies.

Qatalyst Partners served as exclusive financial advisor to Fivetran, Deloitte & Touche LLP as due diligence advisors, Wilson Sonsini Rosati & Goodrich P.C. served as lead legal advisor, and DLA Piper LLP also served as Fivetran’s legal advisor. Morgan Stanley served as the exclusive financial advisor to dbt Labs and Latham & Watkins LLP served as its legal advisor.

About Fivetran

‍Fivetran, the global leader in automated data movement, is trusted by companies like OpenAI, LVMH, Pfizer, Verizon, and Spotify to centralize data from SaaS applications, databases, files, and other sources into cloud destinations, including data lakes. With high-performance pipelines, seamless interoperability, and enterprise-grade security, Fivetran empowers organizations to modernize their data infrastructure, power analytics and AI, ensure compliance, and achieve transformative business outcomes. Learn more at Fivetran.com.

About dbt Labs

Since 2016, dbt has been on a mission to help data practitioners create and disseminate organizational knowledge. dbt is the standard for AI-ready structured data. Powered by the dbt Fusion engine, it unlocks the performance, context, and trust that organizations need to scale analytics in the era of AI. Globally, more than 80,000 data teams use dbt, including those at Siemens, Roche and Condé Nast.

Learn more at getdbt.com, and follow dbt on LinkedIn, X, Instagram, and YouTube.