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Quest Software Announces Agreement to Acquire BakBone Software

Quest Software, Inc. and BakBone Software Incorporated today announced that they have signed a definitive agreement for Quest to acquire BakBone, a leading provider of data protection software with headquarters in San Diego, California. BakBone delivers real-time continuous data protection, deduplication, replication, disk-based and tape backup and recovery. With BakBone, Quest will acquire heterogeneous data protection technologies that complement its portfolio of solutions for virtual, database and application-level data protection including vRanger Pro; LiteSpeed for Microsoft SQL Server and Oracle; Recovery Manager for Microsoft Exchange; SharePoint; Active Directory; and SharePlex for Oracle.

Quest expects to pay approximately $55 million, including the payment of certain debt obligations and net of anticipated cash on hand. BakBone shareholders will receive $0.33 per common share and $1.29 per preferred share following the closing of the acquisition.

“Quest continues to innovate by delivering data protection solutions to address one of the key pain points facing every organization – the ever-expanding amount of data being created,” said Doug Garn, CEO and president of Quest Software. “Quest has a long and successful history of acquiring and building out technically strong products and development teams. BakBone meets these criteria. Our respective products are highly complementary, with minimal overlap. The value received from BakBone’s employees, technologies, partners and customers is expected to be a key benefit as we seek to expand our market share in the data protection market by building upon our core portfolio.”

Under the terms of the agreement, which has been approved by the boards of directors of both BakBone and Quest, the acquisition will be conducted by way of a statutory plan of arrangement under the Canada Business Corporations Act and will require approval of the BakBone security holders and the Court of Queen’s Bench of Alberta. The closing of the acquisition, which is subject to customary closing conditions, is expected to occur in the first quarter of 2011.

“We are pleased that we have been able to enter into this definitive agreement on behalf of BakBone’s shareholders,” said Steve Martin, interim CEO and CFO of BakBone. “Quest has a rich history of recognizing new technologies in emerging markets and bringing them to a wider audience through its network of worldwide customers. We are confident that we will see even greater success for our solutions as part of the Quest family, and pleased that Quest saw value in adding us as an integral part of its data protection portfolio.”

Published Tuesday, November 09, 2010 11:33 AM by David Marshall
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