It have to be M&A season.
Commvault, a publicly traded knowledge safety and administration software program firm, introduced Tuesday that it intends to accumulate 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 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 assist 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 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 rapidly to guard the world’s largest and most complicated knowledge units,” Kumar, who was not too long ago appointed Clumio’s chairman after stepping down as CEO in June, mentioned in an announcement. “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 present “cyber resilience” instruments for software program constructed on AWS. Now, he says, Commvault can supply enterprises expanded selection to guard and recuperate 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 price $12.9 billion in 2023, rising at a compound annual development price of 10.9% from 2017 to final yr.
Companies face growing threats associated to ransomware. There’s additionally the difficulty of information heart disasters like the fireplace that hit France’s OVH in 2021, resulting in important knowledge loss. In some international locations, knowledge management-related rules just like the EU AI Act are coming into power, 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 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 yr and after Commvault’s expectation-beating Q1 outcomes.
Commvault, initially fashioned 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 up to now embody software-defined storage startup Hedvig and cybersecurity firm TrapX.
