As companies migrate increasingly large volumes of data to the cloud, demand for software that can protect and backup this data is growing.
Druva – which sells a service that combines data from different sources into a single backup depository – is flying high on this demand, and expanding with the acquisition of CloudLanes; a Silicon Valley startup that takes data from on-premises storage, and quickly and securely moves it to the cloud.
By integrating CloudLanes’ technology, Druva expects to be able to help more enterprises move beyond the limitations of legacy data centres; reducing costs, and making data more easily accessible.
“Enterprises are now seeing first-hand the challenges of hybrid cloud solutions that are increasingly inflexible with today’s cloud-driven world,” said Druva CEO Jaspreet Singh. “Current hybrid solutions are trying to forklift legacy to cloud, but organizations need solutions that are born in the cloud and bring cloud functionality closer to the data centre. […] The addition of CloudLanes will help us extend the advantages of cloud to more enterprises at the edge, bringing greater access to data, enhanced protection, and help accelerating growth through simple and reliable data protection.”
CloudLanes’ focus on compliance is likely to open further markets to Druva, including the heavily regulated industries of healthcare and banking that often face difficulties in moving data to the cloud because of strict governance and compliance requirements.
By expanding into these markets, Druva will get closer to its goal of maximising revenue before going public at some point in the next two years. This effort has been supported not only by the CloudLanes deal, but also by the purchase of Irish data protection and management startup CloudRanger in 2018.
Elsewhere, other companies are making similar acquisitions to gain a stronger foothold in the emerging cloud backup industry, which is forecast to grow at a CAGR of 24.2 percent until 2025. Most notably, cloud data company NetApp joined forces with data protection and compliance startup Cognigo in May with a view to working together on AI-based data compliance.