Mohamad AliCarbonite's evolution from a consumer backup company into an SMB business continuity provider is accelerating far faster than Wall Street expected.Indeed, Carbonite's Q2 2016 revenues grew 57 percent to $53.4 million -- a healthy $9.25 million more than investors were expecting. The company's SMB business grew roughly 150 percent, and the EVault buyout is "exceeding expectations, yielding faster and better-than-expected synergies," said President and CEO Mohamad Ali.Moreover, Carbonite's SMB business now represents the majority of total bookings, CFO Anthony Folger noted -- basically confirming that SMB now outpaces the company's consumer business.
Carbonite's stock is up nearly 14 percent today on the earnings announcement.
Still, plenty of competition looms. Although Carbonite has a growing channel partner program, the business continuity market is now flooded with vendors that specifically target MSPs.So what's next for Carbonite? Stay tuned to this blog entry. We'll likely add a few additional twists later today...
Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.
Reuters reports that interest in acquiring U.S.-Japanese cybersecurity firm Trend Micro, which counts Microsoft, McAfee, CrowdStrike, and Palo Alto Networks as its competitors, has escalated among private equity firms in recent weeks.
