Salesforce Acquires Own Company for $1.9 Billion Cash
Salesforce, the global leader in customer relationship management (CRM) systems, has announced its acquisition of Own Company, a data backup and protection solutions provider for data center applications, for a staggering $1.9 billion in cash. This move marks Salesforce’s largest acquisition since it acquired Slack for $27.7 billion in 2021.
Own Company, headquartered in New Jersey, was founded in 2015 and has quickly become a significant player in the data protection industry. During a funding round three years ago, the startup was valued at $3.35 billion, showcasing its rapid growth and impressive market impact. Salesforce Ventures, the investment arm of Salesforce, has been one of Own Company’s investors over the years, holding nearly a 10% stake in the company. Own Company boasts a robust client base of 7,000 customers.
The suite of tools offered by Own Company includes automated backup, data protection, and recovery services explicitly designed to address cyber-attacks and data center incidents. Their platform provides comprehensive services for data archiving, protection, and analysis, making it a vital asset for businesses increasingly focused on safeguarding their data.
This acquisition comes at a critical juncture as Salesforce’s clients are placing heightened emphasis on mitigating data loss due to system failures, human errors, or cyber-attacks. By integrating Own Company’s applications, which run on AWS, Azure, and Salesforce’s cloud, Salesforce aims to enhance its data protection solutions portfolio significantly. This integration is poised to leverage artificial intelligence (AI) systems for trend analysis, further strengthening Salesforce’s capabilities in data security and resilience.
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