OpenText to acquire Carbonite for $1.42 billion

OpenText a Canadian business information management software company is buying cloud security firm Carbonite

OpenText a Canadian business information management software company is buying cloud security firm Carbonite

There have been rumors that Carbonite was going to be acquired for a few months.

Waterloo-based OpenText, an information management software company, officially confirmed its acquisition of Carbonite, a cloud-based data protection and security software solution provider.

OpenText chief executive Mark Barrenechea said that part of the reason why he likes Carbonite is because it gives an opportunity to sell to 300,000 small businesses and 7 million individual professionals.

In his investor note, Li suggested that the company is in a strong position.

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In July, Ali quit the company to take over as chief of tech media and research firm IDG in Framingham. When the company reported negligible organic revenue in the quarter ending in June of this year and said its fourth-quarter 2019 organic revenue would be in the low single digits, its shares fell 9 per cent.

Barrenechea said on a conference call Monday that with Carbonite focused largely on the USA market, Open Text can leverage its network of clients globally in places like the U.K., France, Germany, Japan, Singapore and Australia to expand demand. The acquisition cost also includes all of Carbonite's outstanding debt. "The challenge over the past year has been their core data protection business has really slowed down", Ader said. As a result, fewer companies are choosing Carbonite as a stand-alone backup solution.

The acquisition of Carbonite is expected to extend OpenText's leadership in the enterprise information management (EIM) market by complementing OpenText's security offerings in data loss prevention, digital forensics, end-point detection and response with the addition of Carbonite's data protection and end-point security solutions.

In February, Carbonite bought endpoint security company Webroot for $618.5 million in an all-cash deal, as the company pushed to protect against emerging threats like ransomware. "Security can't be deep in the data centre - it has to be job number one", Barrenechea said. "It's operating at a higher margin", Barrenechea said. "There's obviously some balancing when two companies come together, but Boston is a talent center and we like that talent center, and we want to participate in it".

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