Salesforce has announced the acquisition of Own, a startup that develops tools for data management and protection, for a whopping $1.9 billion in cash. This deal includes Salesforce’s existing 10% ownership in Own and marks the full acquisition of the remaining shares.
According to Steve Fisher, the head of Salesforce’s Einstein 1 Platform, data security is of utmost importance. Own’s solutions will offer customers high-value data protection and support secure data management.
Formerly known as OwnBackup, Own had a valuation of up to $3.35 billion, with investments pouring in during 2021, including from Salesforce. However, post-pandemic, cloud software companies saw a decline in valuation due to slower growth and increased cost control by corporate clients.
Source: Salesforce and CNBC
TLDR: Salesforce acquires Own, a data management startup, for $1.9 billion in cash, emphasizing the significance of data security in their acquisition decision.
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