Salesforce Completes Acquisition of Own, Announces 700 Job Cuts
Deal News | Nov 20, 2024 | EIN
Salesforce has finalized its acquisition of Own, a data management and protection company, for nearly $2 billion. The transaction, initially announced in September 2024, underscores Salesforce's commitment to enhancing its offerings in data security and compliance. Despite the milestone merger, Salesforce will lay off approximately 700 Own employees, with GlobalData indicating that some job cuts could occur as early as January 2025, while others will happen over a period of 3 to 12 months post-merger. Own, which provides services such as data recovery and analytics to over 7,000 customers, looks forward to expanding its reach under Salesforce's umbrella.
Sectors
- Software and IT Services
- Data Security
Geography
- United States – Salesforce is headquartered in the United States and the acquisition likely involves significant operations within this country.
Industry
- Software and IT Services – Salesforce and Own both operate within the software sector, particularly focusing on data management and protection solutions.
- Data Security – Own specializes in data management and protection, and the acquisition by Salesforce aims to bolster capabilities in data security and compliance.
Financials
- 2 billion – The acquisition price paid by Salesforce for Own.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Salesforce | Acquirer | Company | A leading cloud-based software company specializing in customer relationship management (CRM). |
| Own | Target Company | Company | A company focused on data management and protection, providing data recovery, archiving, and analytics services. |
| Steve Fisher | President and GM, Einstein 1 Platform and Unified Data Services | Person | An executive leader at Salesforce involved in the announcement of the acquisition. |
| Bloomberg | Source | Company | A financial, software, data, and media company that reported on the layoffs. |
| Fortune | Source | Company | A global media organization providing key insights and information about news and companies. |
| GlobalData | Source | Company | An analytics and consulting company providing data insights, mentioned in relation to the job cuts timeline. |