Carbonite has agreed to a $1.42 billion buy by OpenText, an enterprise data administration large, ending weeks of hypothesis concerning the anticipated buyout.

The deal marks a 78% premium on Carbonite’s share worth on September 5, when it was first rumored the corporate was getting ready to purchase the backup and data restoration firm. Carbonite mentioned the board “strongly believes” the deal will return “substantial” money worth to shareholders, mentioned Steve Munford, chairman of Carbonite’s board.

It ends a busy couple of years for Carbonite as the corporate has moved away from a conventional data backup enterprise to a extra proactive, defensive safety firm.

In February, Carbonite purchased endpoint safety firm Webroot for $618.5 million in an all-cash deal, as the corporate pushed to guard towards rising threats like ransomware. Only a yr earlier, Carbonite purchased Mozy for $145 million, a cloud backup service.

Carbonite mentioned on the time of its acquisition by OpenText, the backup firm had losses of $14 million on revenues of $125.6 billion, a rise by 62% year-over-year.

Wall Street was anticipating common revenues of $131.5 million.

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