March 3, 2021 5:42 am
-Advertisement-

Carbonite acquires cybersecurity firm Webroot for $618.5 million

Must Read

Cloud-based data protection provider will acquire Inc for approximately $618.5 million in cash. Founded in 1997, Webroot is a private company that secures endpoints and provides network protection, awareness training and threat intelligence services. Webroot’s fiscal year 2018 revenue was approximately $215.0 million.

Carbonite said it will fund the transaction with existing cash on hand and funds secured under a new credit facility. The combined business will address a top vulnerability of businesses – the endpoint – with a comprehensive approach to protection through cloud-based cybersecurity, paired with cloud-based backup and recovery. The transaction is expected to be immediately accretive on an earnings and cash flow basis, following the close of the transaction.

“The acquisition of Webroot dramatically accelerates our progress towards becoming the leading data protection company,” said Mohamad Ali, President and Chief Executive Officer of Carbonite. “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.”

“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,” said Mike Potts, Webroot CEO. “Together we can deliver tremendous value to our customers and partners.”

Carbonite will finance the acquisition with fully committed financing and existing cash on hand. The transaction is expected to close in the first quarter of 2019, subject to the receipt of regulatory clearance and other customary closing conditions. The company said that the transaction has been unanimously approved by the Boards of Directors of both companies and by the requisite percentage of stockholders of Webroot.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Share your views

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

Explained: How to Stream Hotstar from Anywhere

It might have started as only a platform to view cricket matches, but Hotstar has expanded its offerings over the years. The Indian streaming service owned by Disney now has more than 100,000 hours of various content in nine different languages.

Related Articles