CRM giant Salesforce announced it has signed a definitive agreement to acquire Own Company, which is a leading provider of data protection and data management solutions. Under the terms of the deal, Salesforce will acquire Own for approximately $1.9 billion in cash, net of the value of the approximately 10% of outstanding shares currently owned by Salesforce, subject to customary purchase price adjustments.
What does Own Company do? Own Company enables organizations to ensure the availability, security, and compliance of essential data, while also unlocking new ways to gain deeper insights from this data.
As a Salesforce AppExchange partner since 2012 and a Salesforce Ventures portfolio company, Own Company has grown beyond its initial backup and recovery offerings. And now it is trusted by nearly 7,000 customers to safeguard mission-critical data.
The Own Data Platform offers data archiving, seeding, security, and analytics capabilities that help customers ensure the availability, compliance, and security of their mission-critical SaaS data. And Own also helps organizations leverage their historical data to optimize decision-making and gain a competitive advantage.
This acquisition comes when customers are increasingly focused on mitigating data loss due to system failures, human error, and cyberattacks. And the growth of AI has made customers even more aware of the need to protect and manage access to data. And by investing more deeply in cloud-native data protection solutions, Salesforce aims to accelerate the growth of its Platform Data Security, Privacy, and Compliance products.
Own’s capabilities will complement Salesforce’s existing offerings, such as Salesforce Backup, Shield, and Data Mask. This will enable Salesforce to offer a more comprehensive data protection and loss prevention set of products, further reinforcing its commitment to providing secure, end-to-end solutions. These solutions are essential for protecting customers’ most valuable assets (their data) and for deriving the most value from their historical data by leveraging AI to understand trends and forecast future growth.
The deal is expected to close in the fourth quarter of Salesforce’s fiscal year 2025, subject to customary closing conditions, including the receipt of required regulatory approvals. There is no anticipated change to Salesforce’s fiscal year 2025 financial guidance, previously announced on August 28, 2024. The deal will not impact Salesforce’s capital return program. Salesforce expects to achieve accretion on a free cash flow basis starting in the second year following the transaction’s closing and continuing after.
KEY QUOTES:
“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. This proposed transaction underscores our commitment to providing secure, end-to-end solutions that protect our customers’ most valuable data and navigate the shifting landscape of data security and compliance.”
– Steve Fisher, President and GM, Einstein 1 Platform and Unified Data Services
“We’re excited to join forces with Salesforce, a company that shares our commitment to data resilience and security. As digital transformation accelerates, our mission has expanded from preventing data loss in the cloud to helping customers protect their data, unlock business insights, and accelerate AI-driven innovation. Together with Salesforce, we’ll deliver even greater value for our customers by driving innovation, securing data, and ensuring compliance in the world’s most complex and highly regulated industries.”
– Sam Gutmann, Own CEO
