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It must be M&A season .
Commvault , a publicly traded data protective covering and management software company , announcedTuesday that it specify to acquire data backup and recovery providerClumiofor an unrevealed amount .
The deal is expected to close in early October . Commvault says it ’s not material to its earnings and that it ’ll be funded with Johnny Cash on deal .
Clumio , headquarter in Santa Clara , was founded in 2017 by Poojan Kumar , Kaustubh Patil , and Woon Ho Jung . It largely serve to protect AWS workloads , though itintroduced supportfor Microsoft 365 back in 2020 .
As ofFebruary , Clumio was notch two-fold - digit jillion of dollar for one-year repeat taxation — up 400 % from 2022 to 2023 — and learn customers like Atlassian , Duolingo , and LexisNexis . The firm lift $ 261 million in venture capital from investors including Index Ventures , NewView Capital , and Sutter Hill Ventures prior to Tuesday ’s exit .
“ At Clumio , our vision was to build a platform that could descale quickly to protect the humans ’s largest and most complex datum sets , ” Kumar , who was late nominate Clumio ’s chairman after pace down as CEO in June , said in a statement . “ Joining hand with Commvault grant us to get our cloud - native offerings to AWS customers on a global musical scale . ”
Commvault CEO Sanjay Mirchandani sees Clumio complementing Commvault ’s existing “ cyber resiliency ” tools for software built on AWS . Now , he says , Commvault can offer enterprisingness expanded selection to protect and recover their datum and cloud - aboriginal apps .
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AWS - dependent or no , the data backup and retrieval market is massive , which no doubt factor into Commvault ’s M&A decision . Accordingto market analytics business firm KBV Research , the globular datum backup and recuperation sphere was worth $ 12.9 billion in 2023 , turn at a colonial yearly maturation rate of 10.9 % from 2017 to last year .
commercial enterprise face up increasingthreats related to ransomware . There ’s also the military issue of datum center cataclysm like the fire thathit France ’s OVH in 2021 , leave to significant data loss . In some countries , data point direction - related regulations like theEU AI Actare add up into force , many with rigorous information retention and birthplace stipulations .
“ In the event of an outage or cyberattack , apace getting back to business is predominate to our customers , ” Mirchandani enounce in a printing press release . “ Combining Commvault ’s diligence - leading cyber resilience capabilities with Clumio ’s exceptional gift and technology advance our retrieval offerings , strengthens our platform , and reinforce our attitude as a leading software - as - a - servicing provider for cyber resilience . ”
The news program comes on the heels of Commvault ’s purchase of cloud app resilience company Appranix in the first place this year and after Commvault’sexpectation - beatingQ1 results .
Commvault , originally form in 1988 as a development chemical group in Bell Labs focused on data point management , support , and convalescence , was designated a job unit of measurement of AT&T and spun off as its own enterprise in the late ’ 90 . Commvault go public in 2006 , at which point it move its embodied headquarters from Oceanport to Tinton Falls , New Jersey .
Commvault ’s other acquisitions to date include software - specify depot startupHedvigand cybersecurity troupe TrapX.
