SaaS unicorn Druva acquires US-based tech startup CloudLanes
The newly-crowned India origin unicorn Druva has announced the acquisition of US-based cloud technology startup CloudLanes for an undisclosed amount.
This acquisition follows after Druva recently raised $130 million in funding, valuing the startup in excess of one billion dollars.
Druva founder and CEO Jaspreet Singh (left) with Abhijit Dinkar, co-founder and CEO, CloudLanes
Druva is a SaaS solution provider in the cloud data protection and management space while CloudLanes operates in the area of hybrid cloud data protection and migration.
Commenting on the acquisition, Jaspreet Singh, Founder and CEO, Druva, said: “The addition of CloudLanes will help us extend the advantages of cloud to more enterprises at the edge, bringing greater access to data, enhanced protection, and help accelerating growth through simple and reliable data protection.”
Abhijit Dinkar, Co-founder and CEO, CloudLanes, said, “CloudLanes’ innovative approach to data migration enhances the Druva Cloud Platform and will bring enterprises a novel and powerful new approach to data protection and management.”
According to a release issued by Druva, by integrating CloudLanes, it brings all the benefits of its cloud capabilities to these on-premises environments, providing instant recovery and enhancing data security without requiring any hardware. Additionally, efficient and cost-effective cloud-based resources and life-cycle management will decrease overall total cost of ownership by eliminating the need for on-premises storage and compute resources.
Druva had announced in June that it had raised $130 million in a round led by Viking Global Investors. The investment round also saw participation from new investors including Neuberger Berman and Atreides Management, as well as existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.
This investment takes the total capital raised by the startup to $328 million. The company said that it will be using the investment to fuel growth and global expansion, as well as drive new product innovations.
California and Pune-based Druva is a SaaS startup whose patented cloud architecture delivers all-in-one backup, disaster recovery, archival, and analytics solutions.
(Edited by Megha Reddy)