Archive for November 11, 2019

OpenText To Acquire Carbonite

Posted in Commentary with tags on November 11, 2019 by itnerd
OpenText announced today that it has entered into a definitive agreement to acquire Carbonite, Inc. (“Carbonite”), provider of cloud-based subscription data protection, backup, disaster recovery and end-point security to small and medium-sized businesses and consumers.

OpenText CEO & CTO, Mark J. Barrenechea and OpenText EVP, CFO Madhu Ranganathan will host a conference call today at 9:00 a.m. Eastern Time to discuss today’s announcement. Conference call details are included further below.

The acquisition of Carbonite is expected to extend OpenText’s leadership in the Enterprise Information Management (EIM) market by complementing OpenText’s security offerings in data loss prevention, digital forensics, end-point detection and response with the addition of Carbonite’s data protection and end-point security solutions. The acquisition also adds significantly to OpenText’s Cloud business and further complements OpenText’s routes to market, strong enterprise customer base in the Global10K, enhanced SMB and prosumer markets.

About the Transaction and Terms of the Agreement:

  • Tender offer to be commenced for all outstanding Carbonite shares for $23.00 per share in cash(1)
  • Total purchase price of approximately $1.42 billion, inclusive of Carbonite’s cash and debt
  • Total purchase price is approximately 2.8x TTM (Trailing Twelve Months) Carbonite GAAP revenues (as of September 30, 2019), inclusive of annualized full year reported Webroot GAAP revenues, a significant acquisition which closed in March 2019
  • Expect significant expansion of cloud revenues, cloud margins, adjusted EBITDA and cash flows in Fiscal 2021
  • Current Carbonite Annual Recurring Revenues (ARR) of 90%
  • Accretive, and targeting to be on the OpenText operating model by end of Fiscal 2021
  • Funded with OpenText’s existing cash on hand and revolver
  • Estimated OpenText net leverage ratio at closing of approximately 2.5x, with a target to return to less than 2x net leverage during the 4-6 quarters post close of transaction
  • Financial projections and target models will be provided upon closing of transaction
Expect the transaction to close within 90 days of this announcement
OpenText, through a wholly-owned subsidiary, intends to commence the tender offer for all of the shares of common stock of Carbonite within 10 business days. Pursuant to the agreement, the tender offer will be followed by a merger to acquire any untendered shares. The tender offer is subject to the tender of a majority of Carbonite’s shares and certain other regulatory approvals and customary closing conditions. The transaction is expected to close within 90 days.

Leave a comment »

Review: Tile Slim

Posted in Products with tags on November 11, 2019 by itnerd

The people at Tile have been busy coming out with a bunch of new Tile products. Two of them in new form factors. The first of these new form factors is the Tile Slim:

IMG_1383.JPG

This is a credit card sized (though it is thicker than a credit card) Tile tracker that has the following going for it:

  • Waterproof
  • 200 ft range
  • Louder ring
  • Built-in 3-year battery that isn’t replaceable

The fact that this battery isn’t replaceable unlike many other Tile products may deter some. But the fact that it lasts 3 years can likely offset that. In terms of the 200 foot range, I was able to test this inside a storage locker facilely where I could find the Tile Slim anywhere on the same floor of the facility which is at least 100 feet in length. It will however not work between floors which makes sense seeing as this is a Bluetooth device and Bluetooth doesn’t work well or at all through floors. The ringtone is definitely loud as I could hear it down the hall with was in the storage facility that was testing in. This is why this Tile will be my choice for being in my luggage when I travel.

Downsides? The battery lasts three years and isn’t user replaceable. That basically makes this a subscription service as opposed to be something that you can use long term. The flip side to that is the fact that when your Tile does run out of juice, they do have a program called reTile that allows you to replace your Tile at a discount of up to 50%. The new Tile will come with a prepaid envelope so that you can send back the old one to recycle. But that’s only true for those in the US. For those anywhere else on Earth, you can drop off your old Tile at your local e-recycling center.

The Tile Slim goes for $29.99 USD for each one. It’s a bit expensive given that you can’t seem to get multi packs to save some cash. But if you’re like me and you need a tile that fits into a location where space is a premium and it has to be loud, then this may make it worth it for you. 

 

2 Comments »