BOSTON– Carbonite, Inc., a leading provider of data protection solutions for small and midsize businesses that is led by Mohamad Ali, announced that it has acquired Double-Take Software, an affiliate of Vision Solutions, Inc. and Clearlake Capital.
The acquisition enhances Carbonite’s existing suite of data protection solutions for small and midsize businesses (SMB) with high availability technology that significantly minimizes downtime.
The aggregate purchase price for Double-Take Software was $65.25 million, comprised of $59.75 million in cash and $5.5 million in Carbonite common stock, representing approximately 332,000 shares. Of the $59.75 million in cash, $20.55 million was funded with cash on hand and $39.2 million was funded through a revolving credit facility at Silicon Valley Bank. The transaction closed on January 31, 2017. Barclays acted as financial advisor to the company.
“Carbonite data protection solutions are designed to meet the real needs of businesses today, from the midsized company with a global footprint to the single small office,” said Ali, President and CEO of Carbonite. “Our current solutions support scenarios ranging from simple file restore to failover, and with the addition of Double-Take HA, we can now extend those scenarios to active recovery in near real-time, significantly minimizing any downtime and the associated loss of productivity and revenue.”
Added Phil Goodwin, Research Director at IDC: “Persistent and emerging IT threats, such as hardware or software failures, cyberattacks and malware, continue to expose businesses to data loss and downtime. We estimate that businesses can lose hundreds of thousands of dollars due to unplanned downtime. IT organizations need the ability to protect and recover data instantly, rather than in hours or days, to avoid irreparable business damages.”
