The billion-dollar deals are still going. OpenText, a Canadian software and technology service company, announced Monday its agreed to spend $1.42 billion to acquire the cloud security vendor Carbonite. The $1.42 billion values Carbonite at a price of $23 per share, a 25% premium to the price at the close of market on Nov. 8. The deal follows Carbonite’s February acquisition of Webroot for $618.5 million in cash, and comes amid tech giants’ ongoing shopping spree for known security vendors. OpenText CEO Mark Barrenechea said in a statement the deal improves his company’s ability to sell to some 300,000 small businesses and 7 million individuals. The Ontario-based company expects “significant expansion of cloud revenues…and cash flows in fiscal 2021.” Carbonite has been the subject of numerous merger and acquisition rumors in recent months since reporting a dip in revenue. Mohamad Ali, the company’s former CEO, stepped down in July and […]
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