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It should be M&A season.
Commvault, a publicly traded information safety and administration software program firm, introduced Tuesday that it intends to accumulate information backup and restoration supplier Clumio for an undisclosed sum.
The deal is anticipated to shut in early October. Commvault says it’s not materials to its earnings and that it’ll be funded with money readily available.
Clumio, headquartered in Santa Clara, was based in 2017 by Poojan Kumar, Kaustubh Patil, and Woon Ho Jung. It largely serves to guard AWS workloads, although it launched help for Microsoft 365 again in 2020.
As of February, Clumio was notching double-digit hundreds of thousands of {dollars} for annual recurring income — up 400% from 2022 to 2023 — and buying prospects like Atlassian, Duolingo, and LexisNexis. The agency raised $261 million in enterprise capital from buyers together with Index Ventures, NewView Capital, and Sutter Hill Ventures previous to Tuesday’s exit.
“At Clumio, our imaginative and prescient was to construct a platform that would scale shortly to guard the world’s largest and most advanced information units,” Kumar, who was lately appointed Clumio’s chairman after stepping down as CEO in June, mentioned in a press release. “Becoming a member of arms with Commvault permits us to get our cloud-native choices to AWS prospects on a world scale.”
Commvault CEO Sanjay Mirchandani sees Clumio complementing Commvault’s current “cyber resilience” instruments for software program constructed on AWS. Now, he says, Commvault can provide enterprises expanded selection to guard and get better their information and cloud-native apps.
AWS-dependent or no, the info backup and restoration market is huge, which little doubt factored into Commvault’s M&A call. In accordance to market analytics agency KBV Analysis, the worldwide information backup and restoration sector was value $12.9 billion in 2023, rising at a compound annual development price of 10.9% from 2017 to final 12 months.
Companies face rising threats associated to ransomware. There’s additionally the problem of knowledge heart disasters like the fireplace that hit France’s OVH in 2021, resulting in important information loss. In some international locations, information management-related laws just like the EU AI Act are coming into drive, many with strict information retention and provenance stipulations.
“Within the occasion of an outage or cyberattack, quickly getting again to enterprise is paramount to our prospects,” Mirchandani mentioned in a press launch. “Combining Commvault’s industry-leading cyber resilience capabilities with Clumio’s distinctive expertise and know-how advances our restoration choices, strengthens our platform, and reinforces our place as a number one software-as-a-service supplier for cyber resilience.”
The information comes on the heels of Commvault’s buy of cloud app resilience firm Appranix earlier this 12 months and after Commvault’s expectation-beating Q1 outcomes.
Commvault, initially shaped in 1988 as a growth group in Bell Labs targeted on information administration, backup, and restoration, was designated a enterprise unit of AT&T and spun off as its personal enterprise within the late ’90s. Commvault went public in 2006, at which level it moved its company headquarters from Oceanport to Tinton Falls, New Jersey.
Commvault’s different acquisitions thus far embrace software-defined storage startup Hedvig and cybersecurity firm TrapX.
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