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Data integration startup Fivetran and data management startup dbt Labs announce a merger in an all-stock deal; Fivetran CEO will be CEO of the combined company (Krystal Hu/Reuters)
https://www.reuters.com/business/a16z-backed-data-fi…

Sources: data integration company Fivetran is in talks to acquire data management company dbt Labs in a deal valuing the combined entity at between $5B and $10B (The Information)
https://www.theinformation.com/articles/data-startup-fi…

Data Startup Fivetran In Talks to Buy Dbt Labs in Multibillion Dollar Deal
Fivetran, a startup used by companies to manage and prepare data for analytics and artificial intelligence, is in talks to buy data management companydbt Labs, according to people with direct knowledge of the deal. The deal would combine two data companies that are facing competition from ...

Thinkquel: A Model Dedicated to Text-to-dbt Using Synthetic Data and a Span-Aware Objective
Anni Li, Aria Attar, Paul Dong
https://arxiv.org/abs/2510.00186 https://

Thinkquel: A Model Dedicated to Text-to-dbt Using Synthetic Data and a Span-Aware Objective
Transforming natural-language requests into reliable, production-ready data transformations remains challenging: correctness depends on precise schema linking and warehouse-specific SQL dialects, while the strongest supervision available during training--execution success and result matching--are provided only at the sequence level. At the same time, assembling large, execution-validated corpora is costly, and token-level objectives misalign with these global signals, yielding unstable optimiza…