By Janet Meiners
Mozy, a company that provides remote backups, is being acquired by EMC for $76 million. Mozy started in May 2005 with an investment of just $1.9 million. That makes for a big return ? almost 40x. CEO Josh Coates and Wasatch Partners should be elated.
Since I’m based in Utah, I tried to get comments from Mozy or their VC firm Wasatch Partners. No one will comment, won’t comment on why they won’t comment, and won’t say when they might. Mozy doesn’t even answer the phones and there is no announcement anywhere on the site. That’s probably forthcoming.
Mozy was founded two years ago by software company Berkeley Data Systems. EMC is a public storage company with a nearly $40 billion market cap. They focus on the enterprise customer to manage, store, and protect their information. Google has been very focused on expanding their enterprise products and services.
Not just for businesses, Mozy offers backups for home also. No word on how the change will affect those customers (which I ought to become since my blog needs to be backed up).
Mozy had some leverage in the deal because rumors are that Google was also looking at a possible acquisition of the company, but for less. That would make a sexier headline, but the word is Mozy turned them down. Whether that’s true or not, Mozy it’s clear it’s paying off now.
There was also speculation last year that Google would offer their own free online backup service, called the Gdrive, but it didn’t materialize. Google offers backup plans for certain products but not for your entire hard drive. Right now the backup is just for more space for email and photo sharing with Gmail and Picasa. It costs $20 a year for 6 GB of storage. Mozy gives you 2 GB of free backup or unlimited back up for $4.95 a month.
About Janet Meiners
Janet Meiners always wanted to be a reporter but prefers the immediacy of blogging. Known as Newspapergrl, she has freelanced for newspapers, City Search, and business magazines. She reports on internet marketing and online trends.