Cloud file system maker Panzura acquired by Profile Capital Management
Panzura, a California-based cloud file system maker, has been acquired by Profile Capital Management, an investment management firm that makes growth investments in the IT sector.
Financial terms of the transaction were not revealed.
The computer data storage will utilize the financial resources and extensive business networks offered by Profile Capital Management to speed up its market and international expansion in response to the demand of enterprises for flexibility and security for their remote workforces.
Panzura said that it has been tapping into the data management trends for the quickly evolving ‘new normal’ of working from home amid the coronavirus outbreak. The company claims to handle hundreds of petabytes of data in the cloud for enterprises across the healthcare, financial services, gaming, media and entertainment, architectural, engineering and construction industries, and also government agencies.
Its patented technology is said to deliver real-time cloud-based file operations which include file locking to negate overwriting or versioning, and speeding up collaboration between remote workers, irrespective of location. This enables organizations to share data across the world securely and in real time.
Cloud file system maker Panzura acquired by Profile Capital Management. Photo courtesy of Free-Photos from Pixabay.
Rich Weber, the former Chief Product Officer of Panzura, who has now been made its President, said: “Being acquired by Profile Capital is exciting for Panzura, our customers, and employees. The sudden acceleration in the trajectory of enterprise remote working trajectory, from ‘nice to have’ to ‘essential’, is driving global IT investments in real-time collaboration with virtual teams, business continuity, and data security, all of which we excel in.
“Our record growth indicates that enterprises need tools like Panzura Freedom global cloud filer and Vizion.ai data analytics to support a more aggressive and pervasive use of cloud technologies, and I am looking forward to working with Ben and Jill to bring Panzura’s growth to the next level.”
The military-grade security support from Panzura for public, private, and ‘dark’ clouds and immutable data architecture is said to keep cloud-based data secured and inherently secure from cyber-attacks. The company said that its built-in active archive, enterprise-grade backup, and disaster recovery maximize enterprise up-time and replace services usually offered by a third party, thereby delivering operational efficiencies and savings.
Benjamin Chereskin – President and Founder of Profile Capital Management, said: “Now’s the time to invest in cloud storage, and Panzura — with its stellar technologies specifically engineered for cloud agility and the flexibility enterprises mandate — is the right company to invest in for rapid growth. We are convinced that Panzura’s market trajectory will accelerate as businesses adjust to the new normal of remote working.”