Salesforce will raise prices for some of its cloud and marketing tools by an average 9% from August, the maker of software for customer relations management said, sending its shares up about 4% in premarket trading on Tuesday.

Its first price hike in seven years comes at a time when Salesforce and several other technology companies are increasing their spending include generative artificial intelligence to their products and services.

The company has over the past seven years invested more than $20 billion in research and development to add new features, including generative AI tools, to its software.

The new prices for Tableau, Sales Cloud, Service Cloud, Marketing Cloud and Industries will cover new and existing customers, Salesforce said.

(Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal)