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November 11, 2019 11:40 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/ctaRKdp8VOQ/canadas-opentext-to-buy-cloud-security-firm-carbonite-for-142-billion
Canada's OpenText To Buy Cloud Security Firm Carbonite For $1.42 Billion
An anonymous reader quotes a report from VentureBeat: Enterprise information management (EIM) company OpenText is acquiring cloud data backup and protection service Carbonite in a deal worth $1.42 billion. Carbonite, which offers a number of data backup and protection services for consumers and businesses, had become the subject of significant takeover rumors over the past few months after its revenue dropped. CEO Mohamad Ali stepped down in July and was replaced on an interim basis by board chair Steve Munford. Carbonite's announcement was timed to coincide with its Q3 2019 financials, which revealed a net loss of $14 million, compared to a small net income of $600,000 during the same period last year. Founded in 1991, OpenText is among Canada's biggest software companies, specializing in helping enterprises manage all their content and unstructured data in the cloud or on-premises. The company has made a number of other notable acquisitions in the recent past, including Dell EMC's enterprise content division, which it bought for $1.6 billion in 2017, and file-sharing service Hightail, formerly YouSendIt, which it bought for an undisclosed amount last year. OpenText hasn't offered any specifics around how it will leverage Carbonite's technology post-acquisition. But the latter's focus on backing up and protecting data stored in the cloud makes it easy to imagine the two platforms complementing each other as a growing number of businesses migrate to the cloud. "Following expressions of interest from multiple parties, the Carbonite board conducted a thorough and comprehensive process, which included contact with a number of strategic and financial parties, to identify the best way to maximize shareholder value," Munford said in a press release. "The board strongly believes that a transaction with OpenText delivers compelling, immediate, and substantial cash value to shareholders."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/ctaRKdp8VOQ/canadas-opentext-to-buy-cloud-security-firm-carbonite-for-142-billion
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