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Enterprise Cloud

Cloud Storage Firm Carbonite Reportedly Mulling Buyout Offers

Carbonite, a 14-year old provider of cloud-based storage for consumers and small businesses, is considering buyout offers from private equity firms, Bloomberg reported

The news is the latest bit of drama for Carbonite, a public company whose shares hit an all-time high of $42.80 a year ago this week but have plummeted since then due to investors’ uncertainty about whether it can scale its business. Shares of Carbonite are now trading around $15 per share after a 20% jump that occurred in the wake of Bloomberg’s report. 

Carbonite’s struggles also highlight the growing commoditization of cloud storage, a trend that has also impacted cloud giant Amazon Web Services, as we reported last month.

Carbonite acquired cybersecurity company Webroot in February to diversify its business, but that deal didn’t go over well with investors. Carbonite switched CEOs in July and earlier this week named a new COO, CTO, chief product officer, and interim general counsel. 

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