It must be acquisition season.
Commvault, a publicly traded data protection and data management software company, today announced that it intends to acquire data backup and recovery provider Clumio for an undisclosed amount.
The deal is expected to close in early October. Commvault says it’s not material to its earnings and that it’ll be funded with cash on hand.
“In the event of an outage or cyberattack, rapidly getting back to business is paramount to our customers,” Commvault CEO Sanjay Mirchandani said in a press release. “Combining Commvault’s industry-leading cyber resilience capabilities with Clumio’s exceptional talent, technology advances our recovery offerings, strengthens our platform, and reinforces our position as a leading software-as-a-service (SaaS) provider for cyber resilience.”
Clumio, headquartered in Santa Clara, California, was founded in 2017 by Poojan Kumar, Kaustubh Patil, and Woon Ho Jung. It largely serves to protect AWS workloads, though it introduced support for Microsoft 365 back in 2020.
As of February, Clumio was notching double-digit millions of dollars for annual recurring revenue — up 400% from 2022 to 2023 — and acquiring customers like Atlassian. The company raised $261 million in venture capital from investors including Index Ventures, NewView Capital, and Sutter Hill Ventures prior to the Commvault buyout.
“At Clumio, our vision was to build a platform that could scale quickly to protect the world’s largest and most complex data sets, including data lakes, warehouses, and other business-critical data,” Kumar, who was recently appointed Clumio’s chairman after stepping down as CEO in June, said in a canned statement. (Clumio’s CRO, Rick Underwood, replaced him as CEO.) “Joining hands with Commvault allows us to get our cloud-native offerings to AWS customers on a global scale.”