“We have confidence in our ability to integrate, innovate and grow the business. As previously highlighted, we are targeting for Carbonite to be on our operating model by the end of Fiscal 2021, or sooner. We expect strong cloud growth and cash flow expansion from the acquisition,” shared Mark J. Barrenechea, OpenText CEO & CTO.
ComplexDiscovery findings, data points, and tracking information that may be useful for understanding M&A+I activity patterns in the eDiscovery ecosystem from October 1, 2019, through December 26, 2019.
Pivotal Acquisition Corp. and KLDiscovery announced today the closing of their previously announced merger and the issuance of $200 million in convertible debentures. In connection with the consummation of the merger, the combined company was renamed KLDiscovery Inc.
Pivotal and KLD have received binding commitments from Ontario Teachers’ Pension Plan and another large global financial institution pursuant to which such parties have committed to making an investment of $100 million in the form of one or more debentures to be issued in connection with the closing of the transaction between the Company and KLD.
Companies worldwide are in a constant battle to stop cybercriminals from stealing employee credentials, to correct accidental user behaviors that can result in unintended data loss, and to prevent malicious employee action. Through this acquisition, Proofpoint will provide security teams with the capability to understand and respond to data being mishandled, whether on a corporate device, in a cloud app like Office 365, or via email allowing teams to rapidly detect, investigate, and prevent potential insider threat incidents.
“Consumers are demanding better protection of their personal information. As a result, there is a pressing need for companies to prioritize data privacy in all their business operations. Active Navigation has an exciting opportunity in front of it, which was the catalyst for this infusion of capital. This investment will help us to advance product development and scale rapidly to support our customers with data mapping, data minimization and regulatory compliance.”
“This financing will substantially increase cash flow and enable KLD to reignite its acquisition program,” said Jon Ledecky, Pivotal’s Chief Executive Officer. “I am excited to work with KLD CEO Chris Weiler and his talented management team to pursue new business opportunities and leverage Pivotal’s corporate and legal community network.”
“The Carbonite Board conducted a thorough and comprehensive process, which included contact with a number of strategic and financial parties, to identify the best way to maximize shareholder value,” said Steve Munford, Interim Chief Executive Officer and President/Executive Chairman of the Board of Carbonite. “The Board strongly believes that a transaction with OpenText delivers compelling, immediate and substantial cash value to shareholders.”
“Today’s ObserveIT acquisition underscores Proofpoint’s commitment to providing organizations with people-centric cybersecurity and compliance solutions that protect what matters: their people and the data they have access to, in a post-perimeter, cloud-first world,” said Gary Steele, chairman of the board and chief executive officer of Proofpoint.
“Successful organizations are built on the strength of their people, and that is the foundation of Veristar,” says company founder, CEO and president Rick Avers. “Our team has unmatched experience handling sensitive information in litigations, investigations, regulatory requests and other complex data matters for clients in a wide array of industries. That expertise helps us to quickly understand client needs and case strategies, guiding us to identify the right approach and implement the most efficient solution.”