Data management company Commvault is all set to acquire software-defined storage (SDS) company Hedvig for $225 Mn (INR 1,621 Cr). The cost includes the purchase price and ongoing employee retention, a statement said.
The acquisition is expected to close Commvault’s 3Q and is subjected to certain closing conditions. The company has been evolving its portfolio for years to help users to protect, manage and use their data more efficiently. It manages over 600 Pb (petabytes) of data in the cloud globally.
The New Jersey-based firm is known for data backup and recovery. It employs more than 2300 employees globally. It was formed in 1988 as a development group in Bell Labs and became a business unit of AT&T Network Systems a few years later. It was incorporated in 1996 as an independent company. It’s software, solutions and services are available through the company and their partners.
Why The Acquisition?
The acquisition is an attempt to fulfil “Commvault’s strategic requirement by combining storage with management and reducing data fragmentation,” said Commvault’s CEO Sanjay Mirchandani, in a press release.
The company believes that the convergence of its data management and Hedvig’s storage capabilities will accelerate towards modern applications built on containers and microservices. With this acquisition, Commvault will “set the bar” for data management and storage unification for the future, Mirchandani said.
Hedvig is headquartered in California was founded in 2012 by Avinash Lakshman, who invests in Apache Cassandra and Amazon Dynamo. It provides its storage software for enterprises building private, hybrid or multi-cloud environments. The company is driven by operational efficiency to standardise primary and secondary workloads.
The California-based company has raised up to $52 million (₹375 crore) till date with series C being its last funding round. It had raised $21 Mn its Series C round led by Hewlett Packard Pathfinder, a part of multinational tech enterprise Hewlett Packard Enterprise (HPE).
Other investors included Atlantic Bridge Ventures, Oman Technology Fund, True Ventures and Vertex Venture.