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The day after the release of its Q3 2023 results, the market reacted by pummeling Salesforce, Inc. (NYSE:CRM) shares by about 8 percent. This was an entirely unexpected result given that both reported revenues and EPS exceeded analysts' expectations. In this article I will discuss the reasons for this collapse and the main themes that characterized CRM's quarterly report.
Bret Taylor will no longer be co-CEO of Salesforce as of January 31, and this was probably the worst news of the entire quarterly report. CEO Marc Benioff's words during the earnings call were of absolute sadness, and he repeatedly implied that Salesforce has lost a key figure:
And I'll tell you, for me, this has been a feeling of tremendous loss. I'm experiencing that right now. You can probably hear it in my voice. It makes me think of all the great people that we have actually lost in the company over the time as well, so many great leaders of our industry, but especially now with Bret. This is just really hard for me, and I'm extremely sad to see him go. I know he has created two great companies. I know he wants to go create a third great company. And you can't keep a wild tiger in a cage.
The reason behind the decision made by Bret Taylor seems to be purely motivational in nature, as it appears that he is no longer enthusiastic about the idea of running a company as important as Salesforce.
I really do feel that now is the right time for me to return to my entrepreneurial roots, particularly given the technology landscape and the economy going through such tectonic shifts. Salesforce has never been stronger, and I've never been more confident in the future of the company.
So, apparently, there were no problems with either the company or Marc Benioff; it was simply a personal choice. There is, however, an additional aspect to consider.
Bret Taylor joined the company in 2016, which is when Salesforce bought his company Quip. Since then, he has climbed the ranks very quickly until he became co-CEO in November 2021. After not even a year, he decided to leave the company, and the same dynamic happened to previous Co-CEO Keith Block. Basically, in just 3 years, 2 Co-CEOs decided to leave their positions.
But why does Marc Benioff continue to favor a Co-CEO? The reason, as he stated, relates to the fact that with a Co-CEO he has more time for his other interests. Having a Co-CEO allows him more time for philanthropy, investing in new companies, and cultivating his passions. Marc Benioff, in addition to being CEO and co-creator of Salesforce, is a person full of interests and influential globally; therefore, my impression is that he is looking for his perfect replacement to lead Salesforce and reduce his commitments. The problem is that, to date, co-CEOs keep stepping down and the market is concerned about who will lead this company in the future. I don't doubt that Marc Benioff can continue to do an excellent job, but I would be surprised if he remains at the helm of Salesforce for another 5-6 years.
Overall, there are objective concerns related to management, but in my opinion we should not overshoot with negativity. The company is improving rapidly year after year and has never been stronger than it is today. Salesforce continues to be by far the best customer relationship management (CRM) firm in the world, and market share continues to increase, as does revenue. Although the last 3 years have been turbulent for co-CEOs, the data are on Marc Benioff's side.
Another issue that has probably raised some concerns is related to lower revenue growth than previous years. Compared to Q3 2022, revenues increased by 14%, whereas they used to grow at a rate of 20-25%. In my view, I do not see how this is a problem for two reasons:
Revenues in every Salesforce segment experienced double-digit growth even with an extremely unfavorable exchange rate. In addition, improvement occurred in all geographic areas.
Not considering the unfavorable exchange rate, the EMEA and APAC regions achieved growth of 23% and 30%, respectively. More and more foreign companies are using Salesforce. However, the strong growth was also in the Americas, with an excellent 16%.
Finally, the guidance remains unchanged and overall positive considering all the difficulties this 2022 has reserved.
As previously anticipated, Salesforce is now a more than established company given that it generates annual revenues of $30 billion and is the absolute leader in its field. After just over 20 years since its inception, the needs of shareholders are beginning to change, and this seems to be the time when the company will start focusing more on margins than growth. This does not mean that it will stop growing, but that it is important to curb spending and investment to Boost margins that are currently too low. Marc Benioff has been clear about this:
We are in a moment here where one of our goals, strong goals, as you can see by these results is to increase our operating margin. And we're not going to do anything that's going to prevent that increased momentum. And as a shareholder myself, that's my thought every single day.
The data suggest that this process of improving the operating margin has already been put in place, and I expect that in the next 3-4 years it can be consolidated.
However, the improvement in operating margin is not the only aspect that is transforming this company; in fact, the perception regarding shareholder dilution has also changed:
We also realize we want to reduce dilution. That's also why we're doing our stock buyback. And we've talked about that extensively. It's been extremely important, I think, that we bought back a considerable amount of stock during the quarter, that we, I think, set a goal that we're going to buy back about $10 billion.
In Q3 2023, 11 million shares have already been repurchased with a value of $1.70 billion. Personally, I think the decision to make such an aggressive buyback at this stage is more than reasonable: Salesforce's per-share price has more than halved from its all-time high and is currently undervalued in my opinion.
Overall, it is clear that Salesforce is maturing as a company and is headed for a different phase of the business cycle than we are used to. This quarterly report has set the stage toward a new Salesforce focused on rewarding its shareholders and having consistent and, most importantly, the highest possible profit margins. It is a process that will take years to complete, but it is inevitable when a company reaches this kind of magnitude. Growth should continue to be there, of course, but it is obvious that the larger the company gets, the more difficult 20% growth per year becomes. Some doubts about management remain, but in my opinion, until Salesforce completes this transformation process, Marc Benioff will still be an important pillar for this company.
In the summer of this year, I believed that it was all about relations for Salesforce (NYSE:CRM), which is a bit ironic as CRM is all about relationships, but the company itself is seeing quite some outflows in the C-suite.
Shares had come down a long way this summer, trading around the $175 mark, having come down just like the rest of the (technology) market. Long having been awarded premium valuations, I noted that valuations were coming down. Yet based on realistic earnings, valuations were still very demanding, too demanding for me.
Through savvy leadership, organic growth and dealmaking, Salesforce has become a giant in its field. The company has a rich acquisition track record, including a larger $15 billion deal for Tableau in 2019. Having long admired the company and its leadership under Marc Benioff, I was cautious on the adjusted earnings numbers and the high truly realistic earnings multiple.
At the time of the Tableau deal in the summer 2019, Salesforce commanded a $125 billion enterprise valuation, equal to 8 times sales report at around $16 billion at the time, with sales growing at around 20% and GAAP earnings not really existing. Shares rose to a high of $300 in November 2021, and were back to $175 this summer, the same level as the time of the Tableau deal.
In the meantime, the company has grown to $26.5 billion in sales in 2021, with revenues set to grow to $32 billion in 2022. With sales on track to double from the $16 billion number in 2019, the reality is that investors have seen some 25% dilution over the same period of time as well, limiting the growth on a per-share basis. Promising is that the company was profitable, yet a $4.78 per share adjusted earnings number for 2021 was still heavily impacted by stock-based compensation, trending at nearly $3 per share.
With nearly a billion shares trading at $175 this summer, the company has seen its valuation come down to about 6 times sales, with shares trading at around 100 times realistic earnings based on real earnings trending around $2 per share. Based on the rapidly narrowing sales multiple, appeal was seen on that front; yet the earnings multiples were far too high to create any fundamental appeal for the shares, with an earnings yield of 1% lagging risk-free rates in a huge way.
Fast forwarding between July, and today we have seen shares lose another 25% of their value, now trading near their lows of around $130 per share, as the woes of Salesforce continue despite a modest recovery in the wider market and even among some technology names.
Part of this is due to softer growth. Reported sales growth for the second quarter came in at 22%, with a strong dollar hurting reported sales growth by four points. The company guided for a mere 14% increase in third quarter sales, including a similar currency headwind, prompting the company cut the full year sales guidance to $30.9-$31.0 billion, a billion cut from the original guidance.
Late in November, the company posted a 14% increase in third quarter sales, albeit with a 5-point headwind from the strong dollar, as the company maintained the full year guidance. Through the first three quarters of the year, the company posted a $3.56 per share adjusted earnings number, down forty cents on the year before. With stock-based compensation increasing to $2.47 per share, realistic earnings trend just over a dollar, or about $1.50 per share this year.
The comforting factor is that third quarter adjusted earnings of $1.40 per share were actually up thirteen cents as the company has become more effective with cost control, as a sign of the times. At this rate, realistic earnings could easily surpass the $2 per share mark, albeit with slower growth now. Amidst a flattish share count of a billion shares, the company has built up a modest net cash position again, but trading at $130 per share, the realistic earnings number around $2 per share still translates into a sky high valuation.
With a current $130 billion valuation, the sales multiple has fallen to just over 44 times sales here, as earnings multiples become a bit more realistic, but still far too high. Nonetheless, the margin improvement in the third quarter is noteworthy. With the company still guiding for full year GAAP operating margins at 380 basis points of sales, and margins so far reported at 290 basis points, the fourth quarter operating margins are seen around 6.5%, up from a 5.9% margin in the third quarter. On approximately $8 billion in sales that works down to GAAP operating profits of half a billion, or about half a dollar per share.
While growth is slowing, margins gains are reported by Salesforce here, yet there are some personal issues as well. Alongside the third quarter earnings report, the company reported that Bret Taylor is resigning as co-CEO of the company. Such turnover, certainly if it is unexpected, is never welcome, but certainly not as his departure is followed by two more high-profile departures by Mr. Taylor and Mr. Butterfield (joined with the Tableau and Slack acquisition, respectively) in the days following, indicating real struggles or even fights at the top ranks.
This is certainly not great, as turmoil at the top ranks in combination with slower growth is a worrying sign. On the positive side is that the business is rapidly becoming really profitable (after excluding for stock-based compensation expenses). That being said, a 65 times earnings multiple in combination with 10-15% growth looks a bit rich, as margins would need to rise further to driven fundamental appeal here. While the situation is highly uncertain and fluid, this might be the time to gradually initiate an opportunistic stake, being mindful of the risks involved.
Salesforce is losing a number of key execs in the wake of Bret Taylor's departure.
Slack CEO Stewart Butterfield is also departing, along with some other product-focused execs.
The departures come as Salesforce's growth has slowed and it's facing tough questions.
Salesforce is in the midst of a serious brain drain at the highest levels. Last week, co-CEO Bret Taylor made the surprise announcement that he'd be departing the company.
Shortly afterwards came the news that Mark Nelson, the CEO of Salesforce subsidiary Tableau, and Steven Tamm, a CTO at the cloud tech giant, are also departing. In November, the company also said Gavin Patterson, the company's chief strategy officer who had previously been its chief revenue officer will depart at the end of January.
Then, earlier this week, Insider reported that Stewart Butterfield, CEO of Slack — the workplace chat app that Salesforce acquired in 2021 for $27.7 billion —will be leaving the company in the new year. Tamar Yehoshua, Slack's chief product officer, is also resigning, as is Slack senior VP of communications Jonathan Prince.
It's not clear if the timing of all these departures is anything more than coincidence: In a memo to employees, Butterfield wrote that his plans to depart have nothing to do with Taylor's, as Insider earlier reported.
Still, it comes at a critical moment for Salesforce and its now-sole CEO Marc Benioff. The company's stock is down some 48% from the beginning of the year, as the larger tech downturn takes its toll on the markets. Salesforce has warned investors that a slowing economy is making it more difficult to close deals as IT spending stalls out, even as investors push Benioff to demonstrate a commitment to improving its profit margins.
And the specific executives who are hitting the exits represent some of Salesforce's biggest bets on the future. Taylor himself was seen as a product visionary who would help Salesforce break into new markets, as seen when he masterminded the Slack acquisition. Indeed, Slack and Tableau represented Salesforce's two largest acquisitions in its history, as it invested in new lines of business.
The departures of Taylor, Butterfield, and Nelson come as Salesforce's strategy comes under the microscope on Wall Street.
With Slack and Tableau, Salesforce already had a lot to prove. Wall Street thought that the $27.7 billion it paid for Slack and the $15 billion for Tableau was far too steep given the company's financial situation. The scrutiny hasn't stopped.
"Growth has been slowing for years," Bernstein analysts wrote in a exact note to clients. "But that has not been readily apparent due to the cadence of large acquisitions which generate a multiyear tailwind to growth due to acquisition accounting."
Taylor, who had been COO of Salesforce before becoming co-CEO in 2021, championed the two as key to a strategy of building the company's platform into an all-in-one tool for sales, to service, to marketing and commerce, to data analysis. Slack would be the "digital HQ" where work gets done, while Tableau helps customers crunch the massive amounts of data stored in the Salesforce platform and turn it into useful insights.
Neither Slack nor Tableau is going anywhere. Salesforce has already said that Lidiane Jones, an executive VP, will take over for Butterfield as Slack CEO. She'll be working with Cal Henderson, Slack's CTO and cofounder, who remains in his role. And Salesforce has said that in the wake of Nelson's departure, Tableau will be rolled more closely into Salesforce's engineering organization.
What it does mean, however, is that Salesforce, Slack, and Tableau are all losing the biggest champions of the integrated product strategy right as the company faces hard questions.
Amid the chaos, however, some on Wall Street thinks there may be an opportunity.
While some of Salesforce's most experienced execs remain on Benioff's leadership team, including CFO Amy Weaver and COO Brian Millham, analysts think Benioff needs to recruit new leadership.
Now could be a good time to recruit talent from a smaller rival or startup, Jaluria told Insider. The relative stability of Salesforce compared to a smaller startup during an uncertain economic environment would be a major draw.
"You need leadership that's focused on the next chapter of Salesforce and the way things should be done, not necessarily the way things have been done from the get go," RBC analyst Rishi Jaluria said last week at the time of Taylor's announcement.
Read the original article on Business Insider
Cloud tech companies are facing a significant cloud skills shortage, making it hard to hire people and difficult to make sure their current workforce’s skills are up to date. Australia- and US-based Saasguru wants to narrow the gap with an edtech platform designed for new graduates and tech workers who want to become better at using cloud platforms like Salesforce or AWS. The company announced today it has raised a seed round of $4 million AUD (or about $2.7 million USD) led by Square Peg Capital, along with returning investors Black Nova and Antler.
Saasguru’s last funding was nine months ago, when it raised a pre-seed round of $1.3 million AUD. The company was founded in 2021 by Amit Choudhary, Atif Saad and Prateek Kataria. Choudhary and Saad sold their last startup SaaSfocus, a Salesforce consulting company, to Cognizant in in 2018.
So far, Salesguru has been used by 40,000 students in 20 countries, and has worked with 20 cloud consulting companies that want to train new workers, as well as refresh the skills of their existing teams. Its students range from new graduates who are starting their first jobs in cloud tech to professionals who want to earn more training certificates.
The search for people with cloud computing skills in the Asia Pacific region is urgent, with a report by AWS showing that workers needed will triple by 2025, going from 37 million workers in 2020 to 109 million. Saasguru wants to help its learners become ready for cloud tech jobs, while creating more talent at scale.
Choudhary told TechCrunch that the idea for Saasguru was planted while he and Saad were still working on SaaSfocus and struggled to compete for talent with large cloud consulting companies.
“This forced us to look at organic talent creation by hiring people from diverse non-technology backgrounds and upskilling them through a homegrown program tailor-made for Salesforce job readiness,” he said. “This became a bit of a ‘secret sauce’ for us and it helped us scale the business to over 360 consultants, with over 80% of them being trained through this program.”
SaaSfocus’ training program included hyper-personalized study plans, “TikTok-like” micro-modules of content, mentoring, peer-to-peer learning and hands-on assignments.
After selling SaaSfocus, Choudhary and Saad used this approach in a pro-bono program to help people get new jobs during COVID by teaching them Salesforce skills. Of the 50 people who took part in the program, almost all got placed in Salesforce-related jobs.
“It was the lightbulb moment when we realized this could be scaled with tech into a global business,” Choudhary said. Saasguru was launched in early 2021, combining the components of the pro-bono program with a deep tech platform.
Saasguru’s 15 programs includes ones for learning Salesforce, ServiceNow, AWS, GCP and Azure. It plans to use its funding to add more cloud certifications. Choudhary said Saasguru personalizes courses, which can take from 30 hours for self-paced cloud certification program to 300 hours for a career bootcamp, by using a two-step process. The first step is an initial assessment that analyzes the readiness of a learner and creates a learning pathway for them. Then as they start taking a course, the platform recommends the next best step to take.
Saasguru acquires customers by running free webinars with its teachers, or gurus. They also offer free one-on-one mentoring sessions on careers, interview tips and certifications, and run a Slack community. Saasguru serves both individuals and cloud consulting companies that want to build the skills of new and existing employees.
In a statement about the funding, Square Peg Capital principal Lucy Tan said, “There is a massive cloud skills shortage in the industry that is slowing down digital transformation initiatives undertaken by businesses. Universities are not well equipped to solve this skills shortage as the skills update so quickly. This means post-university upskilling is critical for continued business growth and Saasguru provides a personalised learning pathway for cloud professionals to embark on, helping them get skilled and certified in cloud technologies. This can make a meaningful impact on people’s lives from either landing them in a new career or getting salary increases.”
Edtech Saasguru wants to fix the cloud talent shortage at scale by Catherine Shu originally published on TechCrunch
Tech stocks have taken a nasty tumble this year, but some are doing even worse than others. Exhibit A: software giant Salesforce.
Shares of Salesforce (CRM) have plunged about 40% so far in 2022. That makes it the second-worst performer in the Dow, trailing only chip leader Intel (INTC). Salesforce (CRM) has lagged the performance of top cloud software rivals such as Microsoft (MSFT), Germany’s SAP (SAP) and Oracle (ORCL).
Salesforce isn’t really doing all that badly. In fact, the company reported sales growth of 22% from a year ago back in August, but it also cut its revenue and profit forecasts at the time.
Salesforce said it now expects earnings per share of about $1.20 to $1.21 for this quarter and sales of $7.82 billion to $7.83 billion. Analysts had been expecting earnings of $1.29 a share and revenue of nearly $8.1 billion.
So is Salesforce, led by co-CEOs Marc Benioff and Bret Taylor, due for a comeback in 2023? Or will the company remain in Wall Street’s penalty box as it absorbs and integrates a series of expensive acquisitions over the past few years?
Salesforce has spent nearly $50 billion since 2018 to buy application software company MuleSoft, data visualization software leader Tableau and workplace productivity suite Slack. The Slack deal cost Salesforce about $28 billion.
Investors will get an update on how all these deals are panning out when Salesforce reports its latest earnings after the closing bell Wednesday. Analysts are predicting that sales will be up 14% from a year ago but profits will fall slightly.
Salesforce president and chief financial officer Amy Weaver conceded during an analyst meeting in September that “we have seen increased risks and uncertainties” in exact months. But she stressed that demand for the company’s software remains strong.
A majority of Wall Street analysts remain bullish on Salesforce. According to data from Refinitiv, 40 of the 50 analysts that cover the company have a “buy” rating on the stock. (The remaining 10 have a “hold.” There are no “sell” recommendations.)
And the consensus price target for the stock is nearly $216 a share, 40% higher than current levels.
Still, analysts are likely to have questions about what’s next for Slack under Salesforce’s ownership. Microsoft has stepped up its own competitive efforts versus Slack with its Teams product.
“Microsoft Teams continues to be the gorilla in the room, indicating that existing customers of Salesforce have been less responsive to picking up Slack,” said Daniel Morgan, senior portfolio manager with Synovus Trust Company, in a report. “Mounting competition from Teams and increasing pricing pressure create some headwinds.”
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File photo of Salesforce West.
The city’s largest private employer could continue to downsize its office footprint, executives said in a exact earnings call.
Salesforce CEO Marc Benioff said there will continue to be flexibility for employees who want to work from home, while Chief Financial Officer Amy Weaver said the software company is continuing to evaluate its real estate holdings. Salesforce did not respond to a request for comment as of publication.
"Over the past two years, we have continued to re-imagine our real estate strategy,” Weaver said on the call. “That is not only to optimize for scale but also continue hybrid work environment and how people are working and how they're using their space. And this has included reducing our footprint fairly significant right now."
Salesforce has already begun eliminating some office space in San Francisco. The company listed nearly half of its office space at 50 Fremont St., the 43-story Salesforce West tower, in July 2022. It will maintain ownership of the building and may reoccupy the space in the future, a Salesforce spokesperson told SFGATE at the time. It also canceled a 325,000-square-foot lease at the unbuilt Parcel F tower in San Francisco’s Transbay neighborhood in March 2021.
“We are subleasing floors in Salesforce West to make the most efficient use of our real estate footprint,” the statement said at the time. “As the largest private employer in San Francisco, we are deeply committed to the city and are actively welcoming employees back to Salesforce Tower."
Salesforce laid off hundreds of employees in November 2022, just a month after eliminating around 90 people in October. It has also frozen hiring until January 2023.
The company has over 10,000 employees in the Bay Area. Despite downsizing in San Francisco, it announced in a March blog post its plans to open Salesforce Towers in Tokyo, Dublin, Sydney and Chicago over the next two years.
San Francisco recently hit a record high in office space vacancy.
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SINGAPORE - Institute of Technical Education (ITE) students will be able to learn key customer relationship management (CRM) digital skills in a revised curriculum introduced as part of an $8.7 million tie-up with a United States-based software firm.
The partnership with the firm, called Salesforce, will span five years and benefit about 7,500 ITE students.
Students will pick up key CRM skills such as understanding customers and helping businesses Boost customer relationships with the use of data.
The beefed up curriculum, which will start in April 2023, will feature content provided by the Salesforce learning arm, Trailhead Academy. It will be taught by ITE lecturers, who will be trained by Salesforce.
On Monday, at the ceremony to mark the tie-up, ITE College West principal Alice Seow said: “This collaboration will allow ITE to infuse CRM content and technology into our new three-year Higher Nitec curriculum.”
She added that the curriculum will include CRM features such as UX or user experience design and system security.
On top of the enhanced curriculum, students will be selected every year to be mentored by Salesforce employees.
Ms Seow said: “This mentorship programme targets to develop essential soft skills as well as deepen CRM knowledge among student participants, and will benefit some 60 students annually across the three ITE campuses.”
During the mentorship programme, students will take exams to earn certifications such as Salesforce administrator or developer. They will also apply their skills in tackling case studies and take part in case competitions simulating real-world environments.
The programme, which will start in October 2023, aims to open up job opportunities for students and, in time, land them a full-time role with Salesforce or the clients it serves.
Senior Minister of State for Communications and Information Tan Kiat How, who was at the event, said demand for tech skills and the know-how to use digital tools and systems is here to stay.
He added that employers should look beyond academic qualifications when hiring and developing their tech manpower, and focus on the person’s skills and desire to continually pick up new skills and new technologies.
Ms Seow said this tie-up will help ITE tap the Salesforce network of industry partners to provide students with internship and employment opportunities in the CRM industry.
She said: “Our mission at ITE is to create opportunities for our students to acquire the skills, knowledge and values they need to contribute and make a meaningful impact as part of tomorrow’s workforce.
“The extension of our partnership with Salesforce reaffirms this mission, and allows our students to hone their CRM expertise at a pivotal moment where digital transformation and customer experience are so deeply interconnected.”
Veeam’s customers can now benefit from a NEW Veeam solution which offers access and control of Salesforce data and metadata, enabling quick recovery from data loss scenarios
COLUMBUS, Ohio, November 30, 2022--(BUSINESS WIRE)--Veeam® Software, the leader in Modern Data Protection, today announced it has launched the NEW Veeam Backup for Salesforce on Salesforce AppExchange which eliminates the risk of losing Salesforce data and metadata due to human error, integration issues and other data loss scenarios.
Integrated directly with Salesforce, Veeam Backup for Salesforce is currently available on AppExchange at https://appexchange.salesforce.com/listingDetail?listingId=a0N3u00000PuyFpEAJ&tab=e.
Veeam Backup for Salesforce
This new solution from Veeam — a market leader in Modern Data Protection — enables organizations to deploy a backup environment either on-premises or in the cloud, providing access and control of Salesforce data and metadata. It also provides powerful, rapid-recovery capabilities for IT departments and Salesforce administrators, including granular and bulk data recovery of Salesforce records, hierarchies, fields, files and metadata. This new offering builds on the success of Veeam Backup for Microsoft 365, extending Veeam’s enterprise-grade platform to another industry-leading SaaS environment.
Whether a mistake with a script, data loader or an integration issue, the simple and easy-to-use user interface (UI) of Veeam Backup for Salesforce helps users resolve issues and retrieve data in just a few clicks — without executing additional backups, running long, full-backup comparisons or causing duplicates.
Key capabilities of Veeam Backup for Salesforce include:
Salesforce native: Purpose-built to create backups and restore Salesforce data and metadata
Fast and flexible recovery: Restore Salesforce records, hierarchies, fields, files and metadata
Secure data: Run a backup environment anywhere — on-premises or in the cloud (AWS, Azure, etc.)
Custom scheduling: Set granular backup schedules and retention settings at the object level
Simplified management: Manage several Salesforce instances from one console
Incremental changes: Continuously create backups with incremental sync and flexible scheduling for Salesforce data
Simple and easy-to-use UI: Run backup policies and restore jobs in minutes
See and compare: See versions of records and metadata and quickly compare with production
Restore hierarchy: Granularly restore linked objects to any record, including parent/child records
Conducted on Veeam’s behalf by an independent research firm, the Veeam Salesforce Protection Trends Report 2022 surveyed 800 unbiased IT leaders and implementers around the world. This report found that the majority of IT professionals acknowledge that the most important reason to protect Salesforce data is the potential for a bad import or ingest of data. The remaining reasons are consistent with the same breadth of risks that face other IT platforms, including: best practices and regulatory mandates, cyber security concerns and errors caused by users, the application(s) or the data repositories (corruption).
Veeam is also releasing a FREE version of this solution: Veeam Backup for Salesforce Community Edition. Community Edition provides fully functional FREE backup and recovery of Salesforce data for organizations with 50 Salesforce user licenses or less.
Veeam Backup for Salesforce is a separate standalone product that is a new addition to the Veeam Platform. Available today from our 35,000+ technology partners, it’s sold in one- to five-year annual subscriptions per user. Veeam is currently offering two 12-month introductory packages:
Up to 300 users for $2,000 USD
Unlimited users for $10,000 USD
Comments on the News
"With so many companies’ employees now working in a hybrid model, protecting cloud and SaaS data is more important than ever," said Danny Allan, CTO and senior vice president of Product Strategy at Veeam. "In fact, the Veeam Salesforce Protection Trends Report 2022 showed that 97% of respondents understand the criticality and need to protect top SaaS applications like Salesforce and Microsoft 365 data, yet backup of these applications has historically been the most overlooked by IT, resulting in vulnerabilities, security risks, data loss and corruption. In truth, there is a shared responsibility between any cloud application and the business using SaaS applications — but it is the company’s responsibility to be in control of their data. With our NEW Veeam Backup for Salesforce, we’re ready to support our customers and partners to ensure their business is reliably protected with intelligent backup powered by Salesforce APIs."
"Veeam Backup for Salesforce is a welcome addition to AppExchange, as they power Digital Transformation for customers by providing the ability to back up and recover Salesforce data and metadata in the cloud and on-premises," said Woodson Martin, GM of Salesforce AppExchange. "AppExchange is constantly evolving to connect customers with the right apps and experts for their business needs."
"Our research clearly shows that there are many ways to lose mission-critical SaaS data. Due to a SaaS application backup ‘disconnect’ among end users, many organizations are not in a position to reliably and consistently recover this data. An innovative product offering that provides a reliable SaaS backup and recovery for Salesforce is critical to allow organizations to be in control of stringent data protection service-level agreements across the business." – Christophe Bertrand, Program Director, ESG
"There is no denying the fact that there is no state of absolute data protection. Salesforce backup is another superlative initiative from Veeam. If critical information is safe, the better it is for any organization. I am personally immensely excited, as Veeam Backup for Salesforce will allow smooth integration scenarios and integrity of metadata." – Aleh Sadaunichy, Infrastructure Solutions Architect, Lyreco
About Salesforce AppExchange
Salesforce AppExchange, the world’s leading enterprise cloud marketplace, empowers companies, developers and entrepreneurs to build, market and grow in entirely new ways. With more than 7,000 listings, 10 million customer installs and 117,000 peer reviews, AppExchange connects customers of all sizes and across industries to ready-to-install or customizable apps and Salesforce-certified consultants to solve any business challenge.
Salesforce, AppExchange and others are among the trademarks of salesforce.com, inc.
About Veeam Software
Veeam® is the leader in Modern Data Protection. The company provides backup, recovery and data management solutions through a single platform for Cloud, Virtual, Physical, SaaS and Kubernetes environments. Veeam customers are confident their apps and data are protected from ransomware, disaster and harmful actors and always available with the most simple, flexible, reliable and powerful platform in the industry. Veeam protects 450,000 customers worldwide, including 81% of the Fortune 500 and 70% of the Global 2,000. Headquartered in Columbus, Ohio, with offices in more than 30 countries, Veeam’s global ecosystem includes 35,000+ technology partners, resellers and service providers and alliance partners. To learn more, visit https://www.veeam.com or follow Veeam on LinkedIn @veeam-software and Twitter @veeam.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221130005054/en/
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