TechDogs-"Mill Point Capital Completes Carve-Out of CrashPlan Group"

Financial Technology

Mill Point Capital Completes Carve-Out of CrashPlan Group

By Business Wire

Business Wire
Overall Rating

CrashPlan Group Enters Next Chapter of Growth as a Pure-Play Data Backup and Recovery Company



MINNEAPOLIS--(BUSINESS WIRE)--An affiliate of Mill Point Capital LLC (“Mill Point Capital”), a middle-market private equity firm focused on control-oriented investments in the IT services, business services and industrials sectors in North America, has acquired CrashPlan Group (“CrashPlan”, or the “Company”) from Code42 Software, Inc. (“Code42”) in a corporate carve-out transaction. CrashPlan is a leading provider of cloud-based endpoint data backup and recovery software.

Launched in 2007, CrashPlan’s proprietary, purpose-built software provides continuous endpoint data protection and minimizes data governance issues and security risks across an organization. CrashPlan ensures reliability and ease-of-use through unlimited storage with no file or archive size limits, consistent user experience across devices and platforms, single instance architecture with proven scalability and state-of-the-art encryption.

Joe Payne, CEO of Code42, commented, “I am very proud of the track record and market leadership that CrashPlan has achieved over the last fifteen years, and I am thrilled for CrashPlan to continue delivering on its value proposition for its customers. We are grateful for the contributions of the CrashPlan team and wish them continued success in this next chapter.”

“CrashPlan is well-regarded for its simplicity, reliability and value to its customers,” said Richard Summers, Partner at Mill Point Capital. “We look forward to supporting CrashPlan in pursuit of exciting growth opportunities as a newly independent organization. CrashPlan is a true market leader with an outstanding team, and we could not be more pleased with the opportunity to partner with them.”

Code42 was represented by Lincoln International LLC as its financial advisor and Goodwin Procter LLP as its legal advisor. Schulte, Roth & Zabel LLP and White & Case LLP were legal advisors to Mill Point Capital.

Here's another intresting article on Top Trends 2022 – Financial Technology

About CrashPlan Group

Since its release in 2007, CrashPlan has been the byword for secure, scalable, straightforward data backup. Today, the product protects data for more than 900 enterprise organizations and over 120,000 small-business customers across the globe. CrashPlan customers rest easy with peace of mind that regardless of when, where or how they are interacting with important data it is secured from whatever calamity may befall their device. For more information or to start a free trial, please visit crashplan.com.

About Mill Point Capital LLC

Mill Point Capital LLC is an operationally-oriented private equity firm targeting control investments in lower-middle market companies, with a focus on industrials, business services and IT services sectors in North America. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.


Contacts

Jiaeh Kim, info@millpoint.com, 212-416-5800

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First published on Wed, Aug 3, 2022

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