Sep 6, 2024 - Business

Salesforce gets into data backup with $1.9 billion deal

Dan Primack

Illustration of an open safe revealing a spreadsheet of data. — Illustration: Annelise Capossela/Axios

Salesforce has agreed to buy Own Co., a New Jersey-based provider of data protection and management solutions, for $1.9 billion in cash.

Why it matters: This is Salesforce's largest acquisition since buying Slack in 2021, and may signal the company's return to large dealmaking after disbanding its M&A committee last year.

Zoom in: This deal moves Salesforce into a new and growing market, as almost every business sector becomes more data-dependent.

But it's also a bit of a marketing gamble. Many of Own's customers use it as independent backup for their Salesforce data, and may be leery of the shared corporate parent.

By the numbers: Own had raised over $500 million in VC funding, including at a $3.35 billion valuation in a 2021 round co-led by Alkeon Capital Management and B Capital Group.

Salesforce also was an existing investor, and holds around a 10% stake that is included in the $1.9 billion purchase price.
Other backers include Insight Partners, BlackRock, Tiger Global, Vertex Ventures Israel, Sapphire Ventures, Oryzn Capital, and Innovation Endeavors.

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Salesforce gets into data backup with $1.9 billion deal

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