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Commvault to acquire Hedvig for USD 225 million


PTI New Delhi
Updated: 04-09-2019 19:38 IST
Commvault to acquire Hedvig for USD 225 million

Nasdaq-listed Commvault on Wednesday said it will acquire software-defined storage (SDS) company Hedvig for USD 225 million. The proposed acquisition is expected to close in Commvault's fiscal third quarter, subject to certain closing conditions, a statement said.

The company expects the deal to be slightly dilutive to its adjusted earnings per share in fiscal 2020, and accretive to its earnings in fiscal 2021. The USD 225-million deal value includes the purchase price and ongoing employee retention, the statement added.

Commvault CEO Sanjay Mirchandani said the acquisition demonstrates how the company is 'leading the way towards the intersection of storage and data management'. "We believe joining Hedvig's innovative software-defined storage capabilities with Commvault's industry leading data protection reduces fragmentation and leapfrogs other solutions in the market," he added.

Hedvig was founded in 2012 by Avinash Lakshman. The company drives significant operational efficiency, addresses the data sovereignty problems stemming from data governance laws, and enables hybrid-cloud and multi-cloud capabilities natively. Commvault was formed in 1988 as a development group within Bell Labs, and later designated as a strategic business unit of AT&T Network Systems. In 1996, it was incorporated as an independent company.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

READ MORE ON : Nasdaq intersection
COUNTRY : India