Today, after an initial announcement last month, Carbonite Inc, the industry-leading cloud-based data protection provider, closed its acquisition of cloud and artificial intelligence-driven cybersecurity firm, Webroot. The acquisition is Carbonite's largest to date.
Carbonite has paid a total cash consideration of US$618.5mn for Webroot, which was funded with existing cash on hand and funds secured under a new $550 million term loan. The interest rate on the term loan is a floating rate based upon LIBOR plus 3.75%.
The combination of Carbonite’s cloud-based backup and recovery with Webroot’s cloud-based cybersecurity introduces a new approach to data protection for the endpoint.
The Webroot business unit will be led by John Post, formerly Webroot’s CFO, as SVP and GM, and will report directly to Mohamad Ali, President and CEO of Carbonite.
“The combination of these two companies creates a unique and powerful data protection and cybersecurity solution for our customers and partners,” said Ali. “We are thrilled to officially welcome Webroot to the Carbonite family and look forward to delivering positive results together.”
“Webroot and Carbonite share a common vision to empower small and mid-sized businesses with next generation solutions purpose-built for their unique needs,” said John Post, SVP and GM of Webroot, a Carbonite company. “I’m confident we will build on the momentum of Carbonite and Webroot’s cloud-based approach to protecting endpoint data as we aim to deliver strong results for customers and partners.”