Carbonite Inc (NASDAQ:CARB) reported the completion of its acquisition of Mozy, Inc. from Dell Technologies Inc. The aggregate deal price was $145.8 million in cash, contingent to prospective adjustments for working capital. This deal price was funded with cash on hand as well as capital available under the firm’s new revolving credit facility with Citizens Bank, Silicon Valley Bank, HSBC Bank USA, Wells Fargo Bank, Barclays Bank and National Association.
Mohamad Ali, the CEO and President of Carbonite, expressed that they welcome the Mozy community to their family. Together, they will establish a promising future for data protection. Carbonite is dedicated to supporting existing Mozy partners and customers. Hence, Carbonite’s plan is to safeguard the data of current Mozy partners and customers; obtain the investment that customers, partners and employees have done in Mozy; expand and enhance the data protection features of Mozy partners and customers via the Carbonite Data Protection Platform.
As per the update, Carbonite will be reporting Mozy updates and demonstrating the Carbonite Data Protection Platform at upcoming Dell Technologies World event, which starts from April 30 and ends on May 3 in Nevada.
Earlier during the announcement of results, the CEO of Carbonite expressed that 2017 was another strong year for company. They established and integrated the key elements of their major data protection platform for operations. The company introduced new tools and programs to better enable their partners, and again they were known for excellence in consumer support. Ali expressed that he remains confident in their path forward and their ability to continue to implement the long-term strategic change they commenced just a few years ago.
Carbonite recorded solid revenue growth and bookings for the year and a considerable increase in profitability. The focus remained on operational performance, continuing to streamline the operations and efficiently achieve results.