Last Updated on 06/09/2024 by Arun jain
Salesforce Inc. said Thursday it has agreed to acquire data security and data management solutions startup On for $1.9 billion to strengthen data security, privacy and compliance across its platform.
This deal It comes at a time when customers are increasingly focused on mitigating data loss due to system failures, human error and cyber attacks. The proprietary technology will complement Salesforce’s existing offerings, such as Salesforce Backup, Shield and Data Mask, and enable Salesforce to offer a more comprehensive data protection and loss prevention set of products.
The data platform offers on-premise data archiving, seeding, security and analytics capabilities that help customers ensure the availability, compliance and security of their software-as-a-service (SaaS) data. Own also helps organizations leverage their historical data to optimize decision-making and gain competitive advantage.
“Data security has never been more critical and our proven expertise and products will enhance our ability to provide strong data security and management solutions to our customers,” said Steve Fisher, president and GM of Einstein 1 Platform and Unified Data Services. statement.
Salesforce expects the acquisition to begin adding to its cash flow in the second year after the transaction closes. The deal is expected to close in the fourth quarter of Salesforce’s fiscal year 2025.
Owning Salesforce will mean the latter’s growth in the areas of data security and privacy products. Payment will be made in cash, Reuters informed.
“This proposed transaction underscores our commitment to providing secure, end-to-end solutions that protect our customers’ most valuable data and navigate the changing landscape of data security and compliance,” Fisher added.
Onne Salesforce Ventures, BlackRock Inc. And backed by leading investors like Tiger Global. The company changed its name from OwnBackup in October.
On’s website highlights its key relationships with Microsoft Dynamics 365 and ServiceNow, two industry heavyweights, and its more than $500 million in funding from top investors including BlackRock, Salesforce Ventures and Tiger Global. A statement from the corporation said it was valued at $3.35 billion after 2021 Fundraising round.
This editing Salesforce had another acquisition this week. On Tuesday, Salesforce announced its deal to be acquired AI Voice agent firm Tanix, but did not disclose the price of the deal. The deal is expected to close by the third quarter, with Tenyx’s CEO, Itamar Arel, and CTO, Adam Arel, joining Salesforce and their team. The California-based startup, founded in 2022, has a client base spanning across leading industries such as e-commerce, healthcare, hospitality and travel.
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