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Carbonite weighing a potential sale: Bloomberg
Posted on Monday, 09 September 2019 10:37
US-based cyber security firm Carbonite is considering putting itself up for sale after receiving expressions of interest from potential suitors, people with knowledge of the matter told Bloomberg.
According to these insiders, the business, which provides data protection services, is yet to hire an advisor but has attracted private equity firms.
However, the same sources cautioned that no final decision has been made and there is no guarantee of Carbonite being sold as the process still in the very early stages.
Shares in the company closed up 16.6 per cent to USD 15.08 on 6th September 2019, following the report by Bloomberg, which gave the group a market capitalisation of USD 523.12 million.
Carbonite provides data protection and cyber security for business and information technology professionals such as backing up devices, disaster recovery and high availability services.
The business, according to Zephyr, the M&A database published by Bureau van Dijk, has completed one acquisition this year.
It purchased Webroot, an anti-spyware software developer, for USD 618.50 million in March.
Carbonite raised USD 178.69 million in a public offering last year to fund general corporate purposes, including the development of products, repurchasing stock and the acquisition of technologies or businesses.
In its second quarter financial results announcement, the company cut its revenue expectations for 2019 and said chief executive Mohamad Ali has decided to step down to take a job running International Data Group.
Carbonite is now expecting to recorded turnover of between USD 443.50 million and USD 448.50 million, compared to USD 457.00 million and USD 471.00 million for the full calendar year.
During the six months to 30th June 2019, the group generated revenue of USD 185.93 million, up 28.8 per cent from USD 123.39 million in the corresponding period of 2018.
Adjusted earnings before interest, taxes, depreciation and amortisation increased 92.9 per cent to USD 63.97 million in the same timeframe (H1 2018: USD 33.17 million).
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