Business management technology provider OpenText has inked a deal to buy Carbonite, the cybersecurity company, for $1.42bn.
Having entered into a final agreement about the acquisition, OpenText said Carbonite’s cloud-based subscription data protection service is an essential addition to OpenText’s management software offerings.
“This acquisition will further strengthen OpenText as a leader in cloud platforms, complete end-point security and protection, and will open a new route to connect with customers, through Carbonite’s marquee SMB/prosumer channel and products,” said Mark J. Barrenechea, CEO and CTO of OpenText. “We are very excited about the opportunities that Carbonite will bring, and I look forward to welcoming our new customers, partners and employees to OpenText.”
Rumours about Carbonite being for sale first began to circulate in September, causing the company’s market share to skyrocket by 20%.
In the year prior, the share price had dropped from $41.35 to $15.08 in a price slump linked to the exodus of the former CEO Mohamad Ali, who went on to become the CEO of Framingham.
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