CrashPlan Receives Investment from Mill Point Capital
Has separated from Code42 Software.This is a Press Release edited by StorageNewsletter.com on August 4, 2022 at 2:02 pm
CrashPlan, the industry-defining cloud backup and recovery solution, has separated from Code42 Software, Inc. and will join the portfolio of Mill Point Capital LLC.
The official announcement was just made in Minneapolis, MN.
The move to operate CrashPlan independently began earlier this year in the face of mounting market demand for backup and recovery driven by the permanent shift to hybrid/remote work and continued proliferation of ransomware. The deal was signed July 27, 2022, and the operational transition for CrashPlan and staff supporting the new organization will take place over the coming months.
“CrashPlan is a remarkable product, which has a unique ability to protect individuals and organizations simultaneously,” said Mason Swenson, VP of product, CrashPlan. “We see strong opportunities to build on our existing features and deliver value to our customers while helping everyone sleep a little better at night.”
The decision to operate CrashPlan as its own business allows the organization to execute on a strategy to focus on and expand its backup and recovery product suite and achieve its goal of protecting the world’s data from destruction, theft, loss and ransom. Moving with CrashPlan is the majority of the staff who were previously working to invent, build, deploy, support, innovate, and sell the product since its inception.
“We couldn’t be more excited to help CrashPlan, its customers, and the team grow as part of the Mill Point portfolio of companies. I’m thrilled to see what we can do together,” said Richard Summers, partner, Mill Point Capital.