Salesforce has announced the cash purchase of a New Jersey-based data management and protection company called Own for a total of 1.9 billion dollars. This sale surpasses that of any previous acquisitions for Salesforce in recent years especially the acquisition of 27.7 billion dollars for Slack in 2021. The acquisition highlights the strategy undertaken by Salesforce to enhance the security of its customers’ data.
Salesforce Transaction Overview:
Salesforce’s attempt to acquire Own was after some internal deliberations to acquire a data governance software company, organizational syndicate, stood earlier in the year. Because of this purchase, Salesforce has disorder earned in the data management and security market. As stated by Steve Fisher, GM of Salesforce, the acquisition supports the company’s philosophy of offering customers, “comprehensive solutions with high-level security on their data.
Procuring Information Technology Facilities Communication Capabilities:
The company has focused on backup and disaster recovery tools designed for SaaS applications. The platform uses open APIs to backup data associated with other SaaS vendors such as Salesforce, AWS, and Microsoft among others.
Salesforce Founders and Funding:
Founded in 2015 by Ariel Berkman, Daniel Gershuni, and Eran Cohen, Own has managed to make a significant mark in the data security and recovery industry. Before it was acquired, Own had managed to raise an astonishing 507.3 million from some of the biggest names in the field, such as Tiger Global, BlackRock, Insight Partners, and Salesforce Ventures. As per the company’s information, it had a valuation of $ 3.35 billion as of August 2021.
Salesforce Products and Services:
Own internal technology has gone through a transformation painful at the beginning which originated from data backup only but now allows offering plenty of services. Today, the organization also provides several other services such as data archiving, security, seeding, and analytics. Own has accumulated a comprehensive range of tools to address these data management challenges in highly regulated industries with a customer reach of about 7000 and a workforce of several hundred spread globally.
Comments from Leadership:
Gutmann’s Vision for the Partnership In a statement, Gutmann said he was very excited about the merger since “Own and Salesforce share values, in particular data resilience and security.” He also pointed out that the partnership will “provide even greater benefits to our customers by increasing innovation, enhancing data protection, and ensuring compliance.”
