Carbonite Pays $65M for Double-Take, a Fraction of Its 2010 Cost
[Updated 1/31/17, 7:40 pm. See below.] Carbonite is making more moves to bolster its offerings in cloud backup and data protection.
The Boston-based firm (NASDAQ: CARB) said it acquired Double-Take Software for $65.25 million, which includes $59.75 million in cash and $5.5 million in the form of about 332,000 shares of Carbonite common stock. The deal closed Tuesday.
Double-Take is an affiliate of Irvine, CA-based software firm Vision Solutions, which is backed by Clearlake Capital Group. Vision paid a lot more money than Carbonite—$242 million—to acquire Double-Take in 2010. Vision was owned by private equity firm Thoma Bravo back then. At the time of its sale to Vision, Double-Take was publicly traded and based in Southborough, MA. (Vision currently lists an office in Waltham, MA, on its website, but not one in Southborough.) [This paragraph updated to include Thoma Bravo’s past ownership of Vision.]
For more than two decades, Double-Take has provided technologies that help businesses avoid data loss and IT system outages, according to a press release. The company’s software, which runs on Windows and Linux systems, handles tasks such as replicating data and applications; disaster recovery; and migrating systems to the cloud. Carbonite said the addition of Double-Take gives it more tools to help small- and medium-sized businesses fend off the growing prevalence of cyber threats and potential technology disasters.
More than 140 Double-Take employees will join Carbonite, which employed about 850 people worldwide before the deal, according to a spokeswoman.
Carbonite was founded in 2005 and went public in 2011. It’s led by Mohamad Ali (pictured above), a veteran of IBM and Hewlett-Packard.
Carbonite has made several acquisitions in the past few years. Those include the purchase of San Francisco-based EVault for $14 million in December 2015, and the acquisition of Germany-based MailStore for around $20 million a year earlier.