Carbonite Buys Webroot for $618M to Offer Security with a Safety Net>
Xconomy – Brian Dowling
Data backup and storage company Carbonite has bought endpoint cybersecurity provider Webroot in a $618 million deal designed to stitch both together into an A.I.-powered automated cloud security software for devices, with built-in emergency backup. Carbonite CEO Mohamad Ali told investors on a conference call, a little over an hour after the deal was announced, that combining Carboniteâs cloud backup service with Webrootâs ability to track malware and intrusion attempts on usersâ devices would be a game-changer. Carbonite is using cash on hand and a $550 million loan from Barclays, Citizens Bank, and RBC Capital Markets to pay for the acquisition, its latest since buying Mozy from Dell Technologies in 2018 for $145 million. Webroot, founded in 1997 and located in Broomfield, CO, has about 600 employees and recorded $215 million in sales for the year ending June 30. Carbonite (NASDAQ: CARB), founded in 2005 and located in Boston, has almost 1,000 employees and booked $296.4 million in sales and $7.6 million in net income for 2018.
Link: https://xconomy.com/boston/2019/02/07/carbonite-buys-webroot-for-618m-to-offer-security-with-a-safety-net/