Data protection software provider Commvault Systems is exploring a sale after receiving takeover interest from multiple parties. The company, with a market capitalization of about $3.5 billion, is working with Goldman Sachs on its options.
Thoma Bravo is among the potential buyers that have expressed interest. Shares of Commvault jumped following reports of the potential sale.
Commvault, based in Tinton Falls, New Jersey, provides software that helps businesses protect and recover data from cyberattacks, system failures, or accidental deletion across enterprise platforms and cloud providers. Its customers include 3M, Sony, and Hilton.
Despite recent struggles in software company valuations due to artificial intelligence disruption fears, Commvault reported strong growth in its most recent quarter, with revenue rising 19% to a record $314 million. Annualized recurring revenue increased 22% year-over-year.
Data recovery has become a resilient sector within cybersecurity, with AI increasing the demand for backup and recovery systems.