Commvault, a leading provider of data protection and management software, has announced its acquisition of cloud-based data backup and recovery provider Clumio. The financial terms of the deal were not disclosed, and the acquisition is expected to close in early October. According to Commvault, the transaction is not material to its earnings and will be funded with cash on hand.
Clumio, founded in 2017 and headquartered in Santa Clara, focuses on protecting AWS workloads and has also expanded to support Microsoft 365. The company has seen significant growth, with its annual recurring revenue increasing by 400% between 2022 and 2023, attracting customers like Atlassian, Duolingo, and LexisNexis. Prior to the acquisition, Clumio raised $261 million from notable investors, including Index Ventures and Sutter Hill Ventures.
Poojan Kumar, Clumio’s co-founder and current chairman, expressed enthusiasm for the acquisition, stating, “Joining hands with Commvault allows us to get our cloud-native offerings to AWS customers on a global scale.” Commvault CEO Sanjay Mirchandani added that Clumio’s technology will complement Commvault’s existing cyber resilience tools, expanding the company’s offerings for enterprises reliant on AWS and other cloud-native applications.
The acquisition comes amid growing demand for data backup and recovery solutions, driven by the increasing threat of ransomware and data center disasters, as well as emerging data management regulations. The global data backup and recovery market was valued at $12.9 billion in 2023, growing at a 10.9% compound annual growth rate, according to KBV Research.
Mirchandani noted that Commvault’s acquisition of Clumio will enhance its ability to help businesses recover quickly from outages or cyberattacks, reinforcing Commvault’s position as a leader in software-as-a-service (SaaS) solutions for cyber resilience.
This acquisition follows Commvault’s purchase of cloud app resilience company Appranix earlier this year, further strengthening its platform and expanding its capabilities in the rapidly growing cloud and cybersecurity sectors.
