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By James A. Kandrac, President & Founder – United Computer Group, Inc.
INDEPENDENCE, OH – December 17, 2015 — /BackupReview.info/ — During a 7:00 pm to midnight “binge watch” of Netflix’s “Son of Anarchy” Series, I received the text alert, “Carbonite buys Seagate’s Evault for 14M.” My initial reaction was, “$14M…that MUST be a typo!
A brief seven years ago, Seagate purchased Evault for some $185M. Now it is being sold for $14M. Does anyone else find this astounding? Seagate just said goodbye to a net of $171,000,000 at a time when managed service companies are selling for multiples of revenue and Evault recently inked a coveted marketing agreement with IBM. Did this really just happen?
Did Seagate just say goodbye to $185M or in addition to the 14M, will Carbonite also pay Seagate a significant percentage of recurring revenue for several years?
While the industry waits for the dust to settle, here is my initial reaction. It comes down to focus and execution or lack thereof. Seagate’s Evault had an outstanding product line with very few holes. They support virtually all platforms and databases and are said to control up to 40% of the cloud backup market, either directly or through over 500 partners.
What it appeared to lack is committed management, focus and execution.
The hope for the industry and marketplace is that Carbonite takes a very legitimate suite of products, integrates it with a much better go-to-market strategy and continues to solve client backup and DR business issues and pains.
What does all of this mean to our VAULT400 clients?
About United Computer Group, Inc. and VAULT400 BaaS
UCG’s VAULT400 BaaS is a premier managed risk mitigation and business continuity planning service for secure online backup and disaster recovery. VAULT400 backs up an entire organization’s business-critical data to UCG’s secure data centers. Safe and off-site, the encrypted data is available online at all times for immediate, user-initiated recovery. VAULT400 works seamlessly within an organization’s existing infrastructure with no additional hardware required.
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