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Salesforce Acquires Own Company for $1.9 Billion
Salesforce, a provider of customer relationship management (CRM) technology, has announced it will acquire Own Company, a provider of data protection and management solutions, for $1.9 billion in cash.
According to the company, the acquisition will accelerate the growth of its data security and privacy products.
Salesforce Acquires Own Company
The deal comes as Salesforce said, “Customers are increasingly focused on mitigating data loss due to system failures, human error, and cyberattacks.”
It noted that the advent of artificial intelligence (AI) has raised awareness of the need to protect and manage access to data.
Own Company, formerly known as OwnBackup, was valued at $3.35 billion in a 2021 funding round. Salesforce Ventures, the cloud software company’s venture arm, invested in that round and earlier ones.
The proposed deal would mark the return of sizable deals for Salesforce, less than two years after co-founder and CEO Marc Benioff said the board was eliminating a committee on mergers and acquisitions.
Benefit Of The Acquisition
Overall, the deal shows that Salesforce is exercising “a higher level of discipline” when it comes to mergers and acquisitions (M&A).
The transaction is expected to be completed in Salesforce’s fiscal 2025 fourth quarter, which begins later this year. The company said the acquisition is not expected to affect its full-year guidance or its capital return program.
Own company is a data platform trusted by thousands of organizations to protect and activate SaaS data to transform their businesses. The company empowers customers to ensure the availability, security, and compliance of mission-critical data while unlocking new ways to gain deeper insights faster.
Salesforce acquiring Own will enable customers around the world to truly own the data that powers their business.
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