Commvault CVLT, a provider of software for the management of data across the cloud, will acquire software-defined storage company Hedvig for $225 million.
"This acquisition demonstrates how Commvault is leading the way towards the intersection of storage and data management," said Sanjay Mirchandani, Commvault CEO. "We believe joining Hedvig's innovative software-defined storage capabilities with Commvault's industry leading data protection reduces fragmentation and leapfrogs other solutions in the market."
Commvault shares were trading at $43.11 in Wednesday’s pre-market session. The stock has a 52-week high of $70.70 and a 52-week low of $40.73.
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