Cloud-based data backup provider Carbonite on Thursday announced plans to acquire cybersecurity company Webroot for roughly $618.5 million in cash.
Founded in 2005, Carbonite is know for its cloud-based backup platform that helps businesses keep their data safe from ransomware, accidental deletions, hardware failures and natural disasters. Hybrid backup and disaster recovery for large enterprises are also available, following the acquisition of EVault in 2016.
Headquartered in Colorado and founded in 1997, Webroot provides endpoints security and network protection, as well as with security awareness training and threat intelligence services.
The transaction is expected to close in the first quarter of 2019. Carbonite says it plans to fund the transaction with existing cash on hand and with funds secured under a new credit facility.
“Based on Webroot’s current operating plan and existing customer contracts, the transaction is expected to be immediately accretive on an earnings and cash flow basis following the close of the transaction,” Carbonite said.
Also on Thursday, Carbonite announced $296.4 million in revenue for 2018, marking a 24% increase compared to the previous year. The company also appointed Linda Connly to the Carbonite Board of Directors as a Class II director.