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The acquisition follows less than a month after OwnBackup raised $240 million at a $3.35 billion valuation, and just a few months after the company announced its first two acquisitions — SaaS data management company Nimmetry and cybersecurity startup Merlinx.
Founded in 2012, OwnBackup works with major businesses such as Adecco, AECOM, and Delivery Hero, serving them with the tools to create daily backups of their SaaS data and restore it quickly when required. The New Jersey-based company has so far mostly supported Salesforce and its broader ecosystem of companies, though it’s in the process of extending support to other clouds starting with Microsoft later this year.
Internal security misconfigurations are a common factor in data breaches, with Gartner noting that 99% of “cloud security failures” are down to faults at the customer’s end rather than at a cloud infrastructure level. “That’s because most companies don’t have a holistic solution to tackle fundamental things like data classification, security posture analysis, data backup and recovery, data archiving, and more,” OwnBackup CEO Sam Gutmann told VentureBeat.
This is why OwnBackup is now bolstering its own offering by adding more security and governance smarts to the mix, a category often referred to as SaaS Security Posture Management (SSPM).
Founded in 2011, San Diego-based RevCult is all about protecting sensitive Salesforce data from misconfigurations and thus breaches and non-compliance — this becomes all the more pertinent as an organization’s data grows in volume. The company counts big-name clients such as Intuit and L’Oréal, and prior to now it has served as OwnBackup’s data protection partner for several years.
“A single SaaS app includes numerous security settings, controls and policies that must be managed and tracked, creating a near infinite number of opportunities for mistakes and oversights,” Gutmann said. “As a result, managing SaaS security is incredibly difficult.”
As things stand, OwnBackup’s customers would need to tap services from multiple different vendors to attain these types of data backup and protection capabilities — but with RevCult under its wing, OwnBackup will now be able to offer everything through a single platform.
While SaaS platforms such as Salesforce offer disaster recovery tools in the event of a systemwide outage, the customer (i.e. the company) is still responsible for account-level security including permissions and passwords as part of what is known as a “shared responsibility model” — the platform owner is responsible for infrastructure, the customer is responsible for everything specific to their own account. This is why taking RevCult on board could prove to be a major sell for OwnBackup as it looks to lure more customers on board — it’s about preventing issues from happening in the first place, relying less on recovery solutions.
“Many of the problems OwnBackup helps customers recover from are preventable through the addition of proactive security measures like the ones that RevCult provides,” Gutmann explained. “Our combined solution will help customers mitigate the security risks that lead to data loss and corruption, and rapidly recover should those types of incidents occur.”
RevCult is one of numerous companies to have built their business pretty much entirely on top of Salesforce. Indeed, while Salesforce itself is a $250 billion business, some estimates suggest that the broader Salesforce ecosystem could be four times bigger. However, with OwnBackup now gearing up to extend its own support beyond Salesforce to other clouds, the RevCult acquisition will also go some way toward helping OwnBackup provide more security and compliance tooling across the board.
“We plan to fully integrate RevCult’s products into the OwnBackup platform and provide comprehensive SaaS data protection across multiple clouds,” Gutmann added.
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