Carbonite Closes Acquisition of EVault From Seagate Technology
13 Gennaio 2016 - 11:00PM
Carbonite, Inc. (Nasdaq:CARB), a leading provider of cloud and
hybrid business continuity solutions for small and midsized
businesses (SMBs), today announced that it has completed the
acquisition of the North American cloud-based business continuity
and disaster recovery assets of EVault, a division of Seagate
Technology (NASDAQ:STX). With the growth of cloud backup solutions
expected to out-pace overall industry growth, the combined
Carbonite and EVault portfolio positions Carbonite to excel in the
SMB data protection, disaster recovery and business continuity
market.
“The worldwide data protection and recovery market is expected
to grow to $8.2 billion in actual spend by 2019, with the majority
of the growth coming from cloud backup solutions. In fact, while
the overall industry is expected to have a 6.3% CAGR, cloud growth
will be almost double that at a 12.4% CAGR,” said Laura DuBois,
Group Vice President Storage at IDC. “With data storage growing at
approximately 25% annually, data protection is an absolute
necessity making this a great time for providers like Carbonite to
expand their offerings and their market.”
Founded in 1997 and purchased by Seagate Technology in 2007,
EVault is a leading provider of disaster recovery and business
continuity solutions designed for SMBs and small
enterprises. In contrast to vendors who provide exclusively
on-premise software and appliances, EVault offers a full line of
cloud-based appliances and cloud services such as failover, which
enables customers to continue normal operations in the event that a
physical server fails. EVault’s cloud approach has many
similarities to Carbonite’s and is designed for larger customers
with more complex IT environments. As a result, the acquisition
enables Carbonite to expand its addressable market, which it
estimates to be worth $13 billion dollars in the U.S. and more
than $40 billion worldwide.
“It’s clear that growth in the SMB backup and recovery market is
driven by cloud based solutions and vendors with these solutions
will gain market share going forward. The EVault acquisition
extends Carbonite’s long-standing cloud-based data protection and
recovery strategy and enables us to meet the evolving disaster
recovery and business continuity needs of all of our customers,
from home users to those at very top of the SMB market,” said
Mohamad Ali, President and CEO of Carbonite.
Carbonite expects to complete the acquisition of the European
Union assets of EVault in the first quarter of 2016, subject to
applicable laws, compliance requirements and customary closing
conditions.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
represent the Company's views as of the date they were first made
based on the current intent, belief or expectations, estimates,
forecasts, assumptions and projections of the Company and members
of our management team. Words such as "expect," "anticipate,"
"should," "believe," "hope," "target," "project," "goals,"
"estimate," "potential," "predict," "may," "will," "might,"
"could," "intend," variations of these terms or the negative of
these terms and similar expressions are intended to identify these
forward-looking statements. Those statements include, but are not
limited to, statements regarding guidance on our future financial
results and other projections or measures of future performance,
(i) the Company’s ability to complete the acquisition of the
European Union assets of EVault; (ii) the expected future results
of the acquisition of EVault, including revenues, non-GAAP EPS and
growth rates; (iii) the Company’s ability to successfully integrate
EVault’s business; and (iv) the Company’s expectations regarding
its future performance. Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company's control. The Company's
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors,
including, but not limited to, the Company's ability to profitably
attract new customers and retain existing customers, including the
customers of EVault, the Company's dependence on the market for
cloud backup services, the Company's ability to manage growth, and
changes in economic or regulatory conditions or other trends
affecting the Internet and the information technology industry.
These and other important risk factors are discussed under the
heading "Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2014 filed with the Securities and
Exchange Commission, which is available on www.sec.gov. Except as
required by law, we do not undertake any obligation to update our
forward-looking statements to reflect future events, new
information or circumstances.
About Carbonite
Carbonite, Inc. (Nasdaq:CARB) is a leading provider of cloud and
hybrid business continuity solutions for small and midsized
businesses. Together with our partners, we support more than 1.5
million individuals and small businesses around the world who rely
on us to ensure their important data is protected, available and
useful. To learn more about the cloud solutions voted #1 by PC
Magazine readers, as well as our partner program and our
award-winning customer support, visit us at Carbonite.com.
Investor Relations Contact:
Emily Walt
Carbonite
617-927-1972
investor.relations@carbonite.com
Media Contacts:
Emily Held, PAN Communications (for Carbonite)
carbonite@pancomm.com
617-502-4300
Sarah King
Carbonite
617-421-5601
media@carbonite.com
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