Salesforce Paid $344 Million in Zoomin Startup Acquisition

Dec 6, 2024 thejournalbiz

Salesforce Inc. spent $344 million to buy data management startup Zoomin Software Ltd. last month, a previously undisclosed sum that underscores the company’s new approach to dealmaking.

Deal terms weren’t disclosed when the purchase was first announced, while Salesforce also bought data startup Own for nearly $2 billion.

Salesforce announcement on Zooomin acquisition

The expense for outstanding shares of Zoomin was disclosed in a filing on Wednesday. Salesforce had previously invested in the company, and already owned less than 10% of the outstanding shares. The terms were not disclosed when the deal was first announced in September.

The software giant was once known for massive acquisitions of companies like Slack Technologies Inc. But following pressure from investors early last year, Salesforce has said it would take a more prudent approach to mergers.

Zoomin is a tool that ingests and accesses unstructured data for uses like analytics and artificial intelligence. Salesforce has said the deal will help bolster its Data Cloud product, which has been a major growth bet this year.