Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, May 3, 2024

Article Excerpt

COMMVAULT SYSTEMS INC., $107.43, symbol CVLT on Nasdaq, makes software for large companies that want to protect and access their data from anywhere in the world. It currently has approximately 9,300 corporate customers using its subscription products, up 25.7% from 7,400 a year ago. On April 16, 2024, CommVault announced the acquisition of Appranix. That Boston-based company’s platform lets its customers automate parts of the data protection and recovery process to rebound after an outage or downtime due to a ransomware attack. Commvault is making this acquisition to help enterprises get up and running even faster after an outage or cyberattack. That’s important because the average downtime after a ransomware attack is 24 days. Appranix’s service will be integrated into CommVault Cloud. This is Commvault’s third acquisition since 2019. It acquired Hedvig, a distributed storage company, in 2019. In 2022, it bought TrapX, a company that offers deception-based cyber security defense that aims to rapidly detect, deceive, and defeat advanced cyberattacks. The Appranix acquisition…