TA Associates is paying $187 million for backup software provider StorageCraft Technology Corp.
StorageCraft, founded in 2003 and based in Draper, Utah, provides backup, disaster recovery and data protection software for small and medium-sized businesses. The company licenses its product through about 8,000 resellers and it also sells it on a subscription basis through 3,100 service providers.
“Computer down time, whether due to human error, malware, disaster or other failure, remains a huge challenge for businesses,” says TA Associates managing director Jason Werlin. He adds that rising demand for information management is driving growth in the sector.
TA Associates has been active in purchasing software companies. In 2015, the firm bought payment processing and data management company Procare Software and TA Associates-backed Nintex purchased document generation software provider Drawloop Technologies Inc. For more on M&A in the cloud and software sector, see Cloud-Computing will Keep the Deals Coming.
Goodwin Procter is representing TA Asssociates. Holland & Hart LLP and Boston Meridian Partners are advising StorageCraft.