Services Provided: Transaction
Santa Clara, California-based enterprise data protection firm Veritas Technologies has acquired Canadian cloud data backup provider HubStor. Veritas plans to offer the HubStor service alongside an existing portfolio of data protection tools that are already employed widely by enterprise IT organizations. Simon Jelly, Veritas VP of the Backup Express and SaaS business, said “It was a build versus buy equation for us,” and the company decided against building an equivalent platform from the ground up. Jelley said, “HubStor offers a granular, scalable, and easy-to-configure enterprise solution. They also have an impressive track record in the enterprise, including with some Veritas customers. Those two facts already point to a good start for us.” Veritas plans to tie HubStor’s technology to its enterprise data services platform, specifically to help its NetBackup data protection technology better address Microsoft 365 data.
HubStor is a cloud data platform that simplifies how enterprises protect and manage data at any scale. Organizations leverage HubStor in cloud regions around the world for backup, file system tiering, compliance archiving, message journaling, content indexing and search, and application data retirement. HubStor is headquartered in Canada, maintains SOC 2 compliance and is a Microsoft Co-Sell Prioritized partner.
SASI served as exclusive financial advisor to Hubstor and worked closely with the two co-founders as they navigated through their strategic options. SASI led the M&A process from initial meetings through negotiations, due diligence and final closing documents. Keys to success included understanding HubStor’s unique approach to data protection SaaS and the market opportunity in front of them, communicating their core value proposition and business model and efficiently driving the process though each phase.
“My co-founder Greg and I decided to work with SASI because of the firm’s focused experience and connections. We came into the relationship with very high expectations, and SASI either met or exceeded them. Throughout the entire M&A process, SASI provided sage guidance, and they played a vital role as an extension of our company. SASI provided value at the early stages of the M&A process, and that value continued to flow as we moved through each stage. SASI became our trusted advisor on M&A-related positioning, LOI execution, due diligence, negotiation, legal issues, deal structuring, and all aspects of executing the definitive agreement. Overall, I can’t say enough good things about SASI and the incredible customer experience they provided to us.” — Geoff Bourgeois, Co-Founder and CEO of HubStor.
Greg Campbell, Co-Founder and CTO added “It was a pleasure to work with SASI through all the ups and downs of the M&A process. SASI truly understands the entrepreneurial mindset and they did a great job of advising Geoff and I through all our concerns and questions along the way.”