OwnBackup, an Israeli startup that offers a cloud data backup and recovery platform, has just acquired California based software company RevCult, which provides Salesforce security and governance solutions, often known as SaaS Security Posture Management (SSPM). The purchase price was not disclosed. But OwnBackup certainly has plenty of cash on hand to spend having completed a $240 million Series E round of investment just last month.
That investment turned OwnBackup into a super unicorn with a valuation of almost $3.35 billion. And yet, the company is still officially just a startup as it has yet to go public or get bought out by a bigger firm.
Founded in 2015 by technology veterans with deep experience in data recovery, data protection and information security, OwnBackup offers comprehensive backup, visual compare, and fast recovery capabilities. The company states that it has helped hundreds of organizations through data loss and corruption crises.
And everything is going into the cloud these days. Microsoft, for example, now offers its Office suite of programs as a software as a solution (SaaS) service. Users can now access the programs on line, without needing to install them on their computers, as well as store their documents in the cloud.
— RevCult (@RevCult) August 31, 2021
OwnBackup explained that it believes the acquisition will help enhance its market-leading position. “The addition of RevCult will enable us to help customers limit the primary security issues that lead to loss and corruption such as lax permissioning, social hacking, insider threats, poor physical security controls and other vulnerabilities,” stated the company’s CEO in a blog post.
“Although we’ve equipped customers to be more resilient with proactive data backup, monitoring, compare and restore capabilities, many of the problems we help them recover from are preventable through the addition of proactive SSPM,” said Sam Gutmann, CEO of OwnBackup. “The addition of RevCult will allow us to innovate faster in the cloud and protect customers against the primary security issues that lead to data loss and corruption, such as lax permissioning, social hacking, insider threats, poor physical security controls, and other vulnerabilities.”