Feeds

Carbonite IPO raises over $62 million

Cloud backup bucks the bucking market

Choosing a cloud hosting partner with confidence

Cloud IT–anything is sexy, and cloud backup–service company Carbonite has proved it by raising $62.5m in a market that's supposed to be hostile to IPOs right now.

The company originally wanted to raise $100m or more, and had to scale back its desired stock price from the $15 to $17 per share area to a much more modest $10. Still, $62.5m is not bad – not in today's climate – and it may be that Carbonite barely scraped through an IPO door that's now swinging shut.

Carbonite can use the cash to build out its cloud backup data centre infrastructure and fund sales and marketing programmes.

The company has consumed $67m in funding, so a mega-payout for their venture capitalist backers isn't going to happen. Carbonite now has to bulk up its customer base and move into profitability. ®

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.