Datto exploring sale after takeover interest

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Datto exploring sale after takeover interest

Datto is considering a possible sale of the company after it has received interest from private equity firms, Bloomberg reported.

The cloud-based data backup software company is working with a financial adviser to solicit interest from potential equity firms, according to a Bloomberg report.

CRN US reached out to Datto for comment but has not heard back by press time.

Datto’s stock stood at US$25.60 per share Thursday morning, up about 9 percent from Wednesday. Datto has a market capitalization of US$3.7 billion and is backed by Vista Equity Partners, which owned 39 percent of Datto’s shares as of Dec. 31, according to Bloomberg. Datto went public in October 2020 and since then shares have fallen 13 percent.

In January Datto purchased cybersecurity vendor Infocyte to help MSPs protect, detect and respond to cyberthreats found within endpoints and cloud environments.

This article originally appeared at crn.com

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