It have to be M&A season.
Commvault, a publicly traded knowledge safety and administration software program firm, introduced Tuesday that it intends to amass knowledge 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 clients like Atlassian, Duolingo, and LexisNexis. The agency raised $261 million in enterprise capital from traders 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 knowledge units,” Kumar, who was just lately appointed Clumio’s chairman after stepping down as CEO in June, stated in an announcement. “Becoming a member of palms with Commvault permits us to get our cloud-native choices to AWS clients on a worldwide 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 supply enterprises expanded selection to guard and get better their knowledge and cloud-native apps.
AWS-dependent or no, the information backup and restoration market is very large, which little doubt factored into Commvault’s M&A call. In accordance to market analytics agency KBV Analysis, the worldwide knowledge backup and restoration sector was value $12.9 billion in 2023, rising at a compound annual progress price of 10.9% from 2017 to final 12 months.
Companies face rising threats associated to ransomware. There’s additionally the problem of information heart disasters like the hearth that hit France’s OVH in 2021, resulting in vital knowledge loss. In some nations, knowledge management-related rules just like the EU AI Act are coming into drive, many with strict knowledge retention and provenance stipulations.
“Within the occasion of an outage or cyberattack, quickly getting again to enterprise is paramount to our clients,” Mirchandani stated 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 improvement group in Bell Labs targeted on knowledge 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 so far embody software-defined storage startup Hedvig and cybersecurity firm TrapX.
