Symantec Acquires Online Storage Company, Swapdrive
Symantec has made another move in the managed storage market, acquiring Swapdrive. The deal pushes Symantec deeper into online storage, where the company already offers the Symantec Protection Network (SPN).
While SPN is a software as a service (SaaS) option for VARs and MSPs, Swapdrive targets consumers.
Symantec-Swapdrive is the fifth deal added this month to our MSPmentor M&A Tracker, which charts MSP- and SaaS-oriented mergers, acquisitions and investments. Here’s a bit more about Swapdrive.
TechCrunch claims Symantec paid 10X profits and 5.6X revenues to acquire Swapdrive — a far higher premium than most traditional MSPs expect to fetch. The Swapdrive buyout, apparently, is a consumer play rather than a corporate or SMB-focused move, according to a Symantec statement to TechCrunch.
Either way, the online storage market continues to both grow (in size) and consolidate (through acquisitions).