Panzura, creator of the fastest global cloud file system on the planet, announced it has been acquired by venture capital firm Profile Capital Management LLC, an investment management firm renowned for strategic growth investments in the IT sector. Terms of the deal were not disclosed. Coming off a record Q2 ending in April of over 50% revenue growth, Panzura will leverage significant financial resources and extensive business networks provided by Profile, to accelerate market and international expansion, as enterprises demand flexibility and security for their remote workforces. Panzura has been capitalizing on data management trends for the fast evolving ‘new normal’ of working from home, and is recognized as a ‘Leader and Outperformer’ in the GigaOm Radar for File-Based Cloud Storage. The global enterprise data management market is expected to grow from $77.9BN this year to $122.9BN by 2025, at a Compound Annual Growth Rate (CAGR) of 9.5%. Benjamin Chereskin, President and Founder of Profile Capital Management, has invested in the company for long-term returns. “Now’s the time to invest in cloud storage, and Panzura — with its stellar technologies specifically engineered for cloud agility and the flexibility enterprises mandate — is the right company to invest in for rapid growth. We are convinced that Panzura’s market trajectory will accelerate as businesses adjust to the new normal of remote working.” Panzura’s patented technology delivers real-time cloud-based file operations, including file locking to prevent overwriting or versioning, accelerating collaboration between remote workers, regardless of location. This allows organizations to share data globally, with security, in real time. Panzura’s military-grade security, support for public, private and ‘dark’ clouds and immutable data architecture keeps cloud-based data secured and inherently protected from cyber-attacks. Built-in active archive, enterprise-grade backup and disaster recovery maximize enterprise up-time and replace services typically provided by a third party, resulting in operational efficiencies and savings. As part of the acquisition, Rich Weber, formerly Chief Product Officer, will become President of Panzura and Jason Luehrs has been promoted to CFO. Jill Stelfox, serial entrepreneur and previously co-CEO of mid-market catalyst firm EDGY, will join the organization as Executive Chairman and CEO. Former executives Patrick Harr and Steve Morgan have left the company to pursue their next cloud ventures.
- Rich Weber said: “Being acquired by Profile Capital is exciting for Panzura, our customers, and employees. The sudden acceleration in the trajectory of enterprise remote working trajectory, from ‘nice to have’ to ‘essential’, is driving global IT investments in real-time collaboration with virtual teams, business continuity, and data security, all of which we excel in. Our record growth indicates that enterprises need tools like Panzura Freedom global cloud filer and Vizion.ai data analytics to support a more aggressive and pervasive use of cloud technologies, and I am looking forward to working with Ben and Jill to bring Panzura’s growth to the next level.”
- Jill Stelfox said: “Panzura is making a profound impact on global enterprises, providing the cloud-first infrastructure that ensures business can continue as usual when people cannot, or do not, come into the office. I’m honored to lead a great team and powerful partner network to scale the company to new heights.”
- Patrick Harr, former CEO, said: “I am very proud of what the company and team achieved in delivering the number one multi-cloud file and analytics service with the industry’s highest net promoter score of 88 while migrating from a perpetual to a SaaS subscription model. And, coming off a record quarter and closing the sale of the company, I am confident Profile and the entire team will continue to accelerate Panzura’s growth and prospects.”