In order to boost the expansion of its data security and privacy products, Salesforce announced on Thursday that it would acquire Own Company, a provider of data protection and management solutions, for a cash price of $1.9 billion.
Customers are becoming more concerned about minimizing data loss from system malfunctions, human error, and cyberattacks at the moment of the acquisition.
Salesforce stated that it plans to begin realizing accretion on a free cash flow basis in the second year after the purchase closes, which it believes will occur in the fiscal year 2025’s fourth quarter.
There is no anticipated change to the enterprise cloud firm’s fiscal year 2025 forecast, and the deal will not impact its capital return program, Salesforce said.
Based on its website, Own has raised over $500 million in capital from various investors, including BlackRock, Salesforce Ventures, and Tiger Global. Additionally, Own has worked with both Microsoft Dynamics 365 and ServiceNow.
Without revealing the deal amount, Salesforce announced on Tuesday that it has decided to purchase Tenyx, a company that creates speech agents with artificial intelligence, in order to expand its AI-driven products.
Following the dissolution of its mergers and acquisitions committee, Salesforce said last year that it will treble its share repurchase program and stop acquiring new businesses in response to pressure from activist investors.
The California-based business is currently considering acquisitions in an effort to speed up its revenue growth.
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