DBT Bureau
Bengaluru, 6 September 2024
SaaS major, Salesforce would acquire data protection startup, Own Co. for $1.9 billion, the company has said.
In a press release, Salesforce GM Steve Fisher said the acquisition “underscores the company’s commitment to providing secure, end-to-end solutions that protect our customers’ most valuable data.”
“Data security has never been more critical, and Own’s proven expertise and products will enhance our ability to offer robust data protection and management solutions to our customers,” he added.
Own, which was set up in 2015, provides a host of enterprise-focused data backup tools and services including automated backup and disaster recovery. Own has been working with the Salesforce for many years with the CRM giant previously owning 10% of its shares.
Own has a marquee list of clients that include Ciena, Adecco, Zoom, Lamborghini and others. It has raised $507.3 million from a clutch of investors including Tiger Global, BlackRock, Insight Partners, Vertex Ventures and Salesforce’s own Salesforce Ventures prior to this acquisition.
With the acquisition, Salesforce will bolster its Platform Data Security, Privacy, and Compliance products. Those include applications like Salesforce Backup, Shield, and Data Mask, which have a natural alignment with Own Company’s portfolio.
Post this acquisition, Salesforce’s Data Cloud offerings are likely to get further traction.
In the second quarter (April-June) of 2024, Salesforce revenue stood at $9.33 billion, up 8% over the previous year. Revenue from subscription and support accounted for the majority of its revenue, at $8.76 billion.
Salesforce net income grew to about $1.43 billion in Q2, a rise from about $1.27 billion recorded a year ago.
