Datto, the catastrophe restoration service, has had an fascinating historical past. It raised a cool $100 million as a startup together with a $75 million funding in 2015, a major spherical for that interval. Vista Equity purchased the startup in 2017, however that wasn’t the top of its story, not by an extended shot. As an alternative Vista constructed up the corporate and took it public in 2020.
Right this moment, the journey took one other twist when Kaseya, a supplier of safety and administration companies for inner IT departments and managed servers suppliers purchased the corporate for $6.2 billion.
With Datto, Kaseya is getting an organization that gives companies associated to backup and catastrophe restoration. Ought to one thing go terribly awry together with your techniques, Datto allows you to obtain the latest backup and get going once more. Fred Voccola, Kaseya’s CEO, sees the 2 corporations having so much in widespread, and the backup and restoration companies match properly into Kaseya’s product portfolio.
“Datto has a legendary dedication to its clients and staff. The alignment of our missions and focus makes us a pure match, that can assist our vastly appreciated clients attain new ranges of success,” Voccola mentioned in a press release.
Below the phrases of the deal, Datto shareholders will obtain $35.50 per share, which represents a 52% premium over the corporate’s inventory value on March sixteenth. It’s price noting, nevertheless, that the inventory value is hovering as we speak on the information up over 20% and getting near that supply value at $34.60 per share, as we had been penning this story.
Kaseya shouldn’t be forking over that sort of dough by itself, nevertheless. It’s getting assist from a consortium of funding corporations that features Perception Companions with assist from TPG and Temasek. Sixth Avenue and different unnamed buyers are additionally taking part.
In its most up-to-date quarter, the final one Datto can be reporting as a public firm, the corporate introduced income of $163 million for the quarter, up 18% 12 months over 12 months. Datto shareholders and the board have already accepted the deal. If it passes regulatory oversight, the acquisition is predicted to shut a while within the second half of the 12 months.
