Cloud-based data protection solution provider, Carbonite, and cybersecurity company, Webroot, have announced their agreement under which Carbonite will acquire Webroot for approximately $618.5 million in cash. Carbonite’s funding for the transaction will come from existing cash on hand, as well as funds secured under a new credit facility. This acquisition will serve to protect endpoint devices with an approach to protection via cloud-based cybersecurity, coupled with cloud-based backup and recovery. Following the close of the transaction, the acquisition is expected to be immediately accretive on an earnings and cash flow basis.
Webroot is a private company that secures endpoints in addition to providing network protection, security awareness training, and intelligence services. Through the company’s network of Managed Service Providers (MSPs) and Remote Monitoring and Management (RMM) relationships, Webroot has established its place in the cybersecurity space. Additionally, Webroot’s fiscal year 2018 revenue was $215 million, approximately.
In a press statement, President and Chief Executive Officer of Carbonite, Mohamad Ali said, “the acquisition of Webroot dramatically accelerates our progress towards becoming the leading data protection company. With threats like ransomware evolving daily, our customers and partners are increasingly seeking a more comprehensive solution that is both powerful and easy to use. Backup and recovery, combined with endpoint security and threat intelligence, is a differentiated solution that provides one, comprehensive data protection platform. The Webroot team has a passion for building technology to simplify the way customers protect their important data, and we are excited to welcome them.”
CEO of Webroot, Mike Potts, added, “Carbonite and Webroot have a common focus on making data protection and cybersecurity solutions accessible and easy to use, as well as a dedication to customer success, and we are thrilled to become part of their team. Together we can deliver tremendous value to customers and partners.”
Through this acquisition, Carbonite and Webroot users will gain access to a cloud-based, integrated offering, which also includes a ransomware prevention and recovery solution. Additionally, the two companies share a go-to-market focus, as well as a complementary ecosystem of channel partners. This allows for a new channel for increased scale and market expansion.
To read Carbonite’s full press release, click here.
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