Code42 Software has sold CrashPlan Group to Mill Point Capital
CrashPlan Group is a leading provider of cloud-based endpoint data backup and recovery software. Launched in 2007, CrashPlan’s proprietary, purpose-built software provides continuous endpoint data protection and minimizes data governance issues and security risks across an organization. CrashPlan ensures reliability and ease-of-use through unlimited storage with no file or archive size limits, consistent user experience across devices and platforms, single instance architecture with proven scalability and state-of-the-art encryption.
The move to operate CrashPlan independently began earlier in 2022 in the face of mounting market demand for data backup and recovery driven by the permanent shift to hybrid / remote work and continued proliferation of ransomware. As a result, Code42 engaged Lincoln International to find a partner that could support CrashPlan in its next phase of growth. Lincoln ran a targeted, competitive process to complete the corporate carve-out, ensuring speed, certainty and favorable terms while maximizing value.
Joe Payne, President and Chief Executive Officer of Code42, commented, “Code42 plans to use the proceeds of the transaction to accelerate its leadership in the insider risk management market. We will deepen investments in our Code42® Incydr™ product and Code42® Instructor™ microlearning solution and further develop our team domestically and internationally.”
As employees transition to remote work, the risks of ransomware, virus infection and data loss for companies are increasing rapidly. Organizations must be able to protect and restore their critical business data and applications with limited disruption. As a result, companies that offer reliable backup and recovery software will become more critical than ever, empowering organizations with data protection while minimizing data governance and security risk.
We appreciate Lincoln's assistance with this complex, corporate carve-out transaction. Lincoln's depth of investor relationships coupled with their ability to customize the process and effectively communicate CrashPlan’s value proposition were key in finding the right partner for the continued success of CrashPlan.
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