j2 Global Acquires SugarSync
In cloud file sharing, file sync and online backup services
This is a Press Release edited by StorageNewsletter.com on March 25, 2015 at 2:52 pmMooreland Partners, an independent investment bank providing M&A and private capital advisory services to the technology industry, acted as the exclusive financial advisor to SugarSync, Inc. on its sale to j2 Global, Inc.
The acquisition of SugarSync’s core operating business, which offers cloud file sharing, file sync and online backup services, further solidifies Mooreland’s position among the active advisors to the enterprise software sector.
“This transaction serves as a critical milestone for SugarSync, which helped to pioneer the online sync and storage industry. We are pleased to have played a role in orchestrating such an important and strategic combination, which joins SugarSync’s highly-regarded technology and track record of innovation with an industry leader in j2,” said Doug Gonsalves, MD, Mooreland Partners.
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Launched in 2008 and based in San Mateo, CA, SugarSync is used in 120 countries by individuals and small businesses.
The company raised a total of $60 million
Large enterprises such as Staples, France Telecom-Orange and SoftBank are among its clients to provide cloud storage and file sharing services to their customers.
Transaction drives j2's cloud backup revenue to more than $70 million annual run-rate.
Terms of the acquisition were not disclosed and the financial impact to j2 is not expected to be material.
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