Data protection and management firm Own Co. on Friday said it signed a definitive agreement to be acquired by Salesforce for $1.9 billion.
Own, an Englewood Cliffs provider of data protection and management, empowers organizations to ensure the availability, security and compliance of mission-critical data, while unlocking new ways to gain deeper insights from this data.
Salesforce currently owns about 10% of the company.
Under the terms of the agreement, Salesforce, a San Francisco-based artificial intelligence customer relationship management leader, 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.
Own’s products will enhance Salesforce’s ability to offer robust data protection and management solutions to its customers.
“We’re excited to join forces with Salesforce, a company that shares our commitment to data resilience and security,” Sam Gutmann, Own CEO, said. “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.”
“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,” Steve Fisher, president and general manager of Salesforce’s Einstein 1 Platform and Unified Data Services, said.
Own has grown beyond its initial backup and recovery offerings, and today is trusted by nearly 7,000 customers to safeguard mission-critical data. The Own Data Platform provides data archiving, seeding, security and analytics capabilities that help customers ensure the availability, compliance and security of their mission-critical Software-as-a-Service data. Own also helps organizations leverage their historical data to optimize decision-making and gain a competitive advantage.
The transaction 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.
