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Acquisition Expands Total Addressable Market and Positions Carbonite as Leader in Cloud-Based Data Protection, Disaster Recovery and Business Continuity
BOSTON, MA – Jan. 13, 2016 — /BackupReview.info/ — 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.
[ Detailed "Carbonite Form 8-K Current Report Filed Jan 13, 2016" is found here: http://investor.carbonite.com/secfiling.cfm?FilingID=1340127-16-109 ]
[ Detailed "Carbonite Form 8-K/A Amended Current Report Filed Jan 13, 2016" is found here: http://investor.carbonite.com/secfiling.cfm?FilingID=1340127-16-106 ]
“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.
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Source: Carbonite, Inc.
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