CrashPlan Receives Investment from Mill Point Capital
The acclaimed backup and recovery solution moves to increase momentum to assist customers with ransomware recovery and expanded core functionality
CrashPlan, the industry-defining cloud backup and recovery solution, has separated from Code42 Software, Inc. (Code42) and will join the portfolio of Mill Point Capital (Mill Point). The official announcement was made today in Minneapolis, Minnesota. The move to operate CrashPlan independently began earlier this year in the face of mounting market demand for data backup and recovery driven by the permanent shift to hybrid/remote work and continued proliferation of ransomware. The deal was signed July 27, 2022, and the operational transition for CrashPlan and staff supporting the new organization will take place over the coming months.
“CrashPlan is a remarkable product, which has a unique ability to protect individuals and organizations simultaneously,” said Mason Swenson, Vice President of Product at CrashPlan. “We see strong opportunities to build on our existing features and deliver value to our customers while helping everyone sleep a little better at night.”
The decision to operate CrashPlan as its own business allows the organization to execute on an aggressive strategy to focus on and expand its backup and recovery product suite and achieve CrashPlan’s goal of protecting the world’s data from destruction, theft, loss and ransom. Moving with CrashPlan is the majority of the staff who were previously working to invent, build, deploy, support, innovate, and sell the product since its inception.
“We couldn’t be more excited to help CrashPlan, its customers, and the team grow as part of the Mill Point portfolio of companies. I’m thrilled to see what we can do together,” said Richard Summers, Partner of Mill Point Capital.
Since its release in 2007, CrashPlan has been the byword for secure, scalable, straightforward data backup. Today, the product protects data for more than 900 enterprise organizations and over 120,000 small-business customers across the globe. CrashPlan customers rest easy with peace of mind that regardless of when, where or how they are interacting with important data, it is secured from whatever calamity may befall their device. For more information or to start a free trial, please visit crashplan.com.
About Mill Point Capital
Mill Point Capital LLC is an operationally-oriented private equity firm targeting control investments in lower-middle market companies, with a focus on industrials, business services and IT services sectors in North America. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.