Published on the 15/01/2016 | Written by Newsdesk

With the announcement of its intention to invest nearly US$200 million, TA Associates is set to add StorageCraft to a portfolio which features a wide range of technology companies, including security software vendor AVG and BI vendor Hyperion.

Additional terms of the transaction were not disclosed. The investment is expected to close in late January, and, in connection with the investment, Matt Medeiros, former Dell SonicWALL security software GM, joins StorageCraft as chairman and CEO.

Primarily serving small to medium-sized businesses, Utah-headquartered StorageCraft provides backup, disaster recovery, system migration, virtualisation and data protection solutions for servers, desktops and laptops on Windows and Linux platforms. It has thousands of customers in Australia and New Zealand and some 5,000 partners reselling its technology in the region.

Jonathan Meeks, an MD at TA Associates joins the StorageCraft board of directors. “With its product suite, StorageCraft directly and indirectly serves over 10,000 MSPs. In keeping with TA’s long-established investment approach, we will collaborate closely with Medeiros and his team to further grow the company,” he said.

Growth is on the agenda, agreed Medeiros. “We see a number of avenues to expand StorageCraft’s product offering and to grow our client base, particularly in international markets, and anticipate TA will play a central role in these efforts. We will continue to aim to build products and programs specifically designed for channel partners.”

Gartner valued the business continuity/disaster recovery (BC/DR) market at $5.2 billion in 2014, and predicts it will reach $7 billion by 2019, a 6 percent compound annual growth rate (CAGR). According to MarketsandMarkets, global Disaster Recovery as a Service (DRaaS) is the fastest growing component of the recovery market and is forecast to increase to $US5.8 billion by 2018 from approximately $640 million in 2013, a 55 per cent CAGR.