Datacastle Gets Managed Services Funding

Despite all the bleak economic information around us, there are still some bright spots in the managed services market.

A case in point: Next week, Datacastle, which focuses on PC data protection and works closely with managed service providers, will announce $5.3 million in Series A financing. The company has also hired a new CEO as it plans for growth in 2009.

This is the 26th deal this year involving mergers, acquisitions or financing in the managed services industry, according to our MSPmentor M&A Tracker.

Here are some more details about Datacastle.

According to a Datacastle press release slated to debut Nov. 20:

Datacastle’s comprehensive data protection software integrates continuous online backup, robust AES encryption standards, automated key management, proactive data deletion and unrivalled data reduction into a single solution. Datacastle’s comprehensive data protection software is available through leading systems integrators and managed service providers worldwide.

Signaling Datacastle's commitment to managed service providers, MSPAlliance President Charles Weaver is quoted in the forthcoming press release about Datacastle's new financing and expanded leadership team.

In terms of executive management:

• Datacastle’s newly appointed CEO, Ronald Faith, was formerly Chief Operating Officer at Clonefone, Inc., a provider of web-based services for mobile network operators and OEMs.
• Newly appointed Datacastle Chairman of the Board Alex Knight is currently Chief Executive Officer of Edge Labs, an investment management and strategic advisory firm, and was formerly a Managing Director of ARCH Venture Partners, a venture capital firm managing over $1.5 billion in assets. Prior to joining ARCH, Knight was an executive at Microsoft and News Corp.
• Datacastle’s founding CEO, Gary Sumner, will assume the role of Chief Technology Officer, continuing to drive Datacastle’s innovative vision.

I've been watching Datacastle from afar for about six months. They've had meetings with some rather large IT companies, so I suspect they are quietly working on some major MSP-oriented partnerships.

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