Salesforce acquires Slack, Microsoft buys Cloudknoux and more

SaaS news this week (19th July- 23rd July, 2021):Salesforce acquires Slack, Microsoft buys Cloudknoux, & more
Salesforce acquires Slack, Microsoft buys Cloudknoux and more

Salesforce closes $27.7 bn acquisition of Slack

San-Francisco based CRM tool, Salesforce announced that it has completed the acquisition of the enterprise chat communication platform, Slack. 

Speaking about the agreement, Marc Benioff, chair and CEO of Salesforce said- “Together we’ll define the future of enterprise software, creating the digital HQ that enables every organization to deliver customer and employee success from anywhere.”

Bret Taylor, President and COO of Salesforce, said, "Slack and Salesforce Customer 360 will give every company in the world a single source of truth for their business and a single platform for connecting employees, customers, and partners with each other and the apps they use every day."

Microsoft buys security startup, CloudKnoux 

Microsoft has bought CloudKnox Security, an identity and access management (IAM) firm, making it the tech giant's fourth cybersecurity acquisition in 2021.

With this and its recent acquisition of CyberX and Refirm Labs, Microsoft plans to foster its security portfolio.Microsoft made over $10 billion from security-related businesses in 2020, which is 40% growth over the previous year. Prior to the acquisition, CloudKnox had raised $22.8 million in funding from ClearSky, Sorenson Ventures, Dell Technologies Capital, and Foundation Capital.

Talking about the deal, Balaji Parimi, CloudKnox founder and CEO, said: “By joining Microsoft, we can unlock new synergies and make it easier for our mutual customers to protect their multi-cloud and hybrid environments and strengthen their security posture.”

Razorpay acquires risk tech SaaS platform TERA Finlabs 

Razorpay, an online payment gateway firm flushed with new funding secured in April, announced its third acquisition on Monday: risk tech SaaS platform TERA Finlabs, an Indian subsidiary of UK digital lender GAIN Credit.

According to Razorpay, the takeover fits into the company's objective of assisting micro, small, and medium-sized businesses (SMEs). 

"There couldn't have been a better time than now for us to join hands with Razorpay and its technological capabilities to support the SME segment," said Pradeep Rathnam, co-founder and CEO, TERA Finlabs. He further adds "our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business".

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