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The consolidation of the storage industry continues as Quest Software today announced that it has signed a definitive agreement to acquire data protection specialist BakBone Software for $55 million.
Headquartered in San Diego, Calif., BakBone(OTC Bulletin Board: BKBO) makes real-time continuous data protection (CDP), deduplication, replication, disk-based and tape backup and recovery software under the NetVault moniker.
Quest Software (NASDAQ: QSFT) plans to marry BakBones heterogeneous data protection technologies with its own portfolio of data protection products for virtual, database and application-level data, including vRanger Pro; LiteSpeed for Microsoft SQL Server and Oracle; Recovery Manager for Microsoft Exchange; SharePoint; Active Directory; and SharePlex for Oracle.
According to a statement, Quest expects to pay approximately $55 million for BakBone, including the payment of certain debt obligations and net of anticipated cash on hand. BakBone shareholders will receive $0.33 per common share and $1.29 per preferred share following the closing of the acquisition.
Doug Garn, CEO and president of Quest Software, said, Our respective products are highly complementary, with minimal overlap. The value received from BakBones employees, technologies, partners and customers is expected to be a key benefit as we seek to expand our market share in the data protection market by building upon our core portfolio.
Under the terms of the deal, which has been approved by the boards of directors of both BakBone and Quest, the acquisition will be conducted by way of a statutory plan of arrangement under the Canada Business Corporations Act and will require approval of the BakBone security holders and the Court of Queens Bench of Alberta. The closing of the acquisition, which is subject to customary closing conditions, is expected to occur in the first quarter of 2011.
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