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Panzura Acquired by Profile Capital to Drive Cloud Technology Uptake

Acquisition Will Further Accelerate Panzura's Leadership in Multi-Cloud File and Data Analytics Services

CAMPBELL, Calif., May 8, 2020 — (PRNewswire) — Panzura, creator of the fastest global cloud file system on the planet, today announced it has been acquired by venture capital firm Profile Capital Management LLC, an investment management firm renowned for strategic growth investments in the IT sector. Terms of the deal were not disclosed.

Coming off a record Q2 ending in April of over 50% revenue growth, Panzura will leverage significant financial resources and extensive business networks provided by Profile, to accelerate market and international expansion, as enterprises demand flexibility and security for their remote workforces.

Panzura has been capitalizing on data management trends for the fast evolving 'new normal' of working from home, and is recognized as a 'Leader and Outperformer,' in the GigaOm Radar for File-Based Cloud Storage.1 The global enterprise data management market is expected to grow from $77.9BN this year to $122.9BN by 2025, at a Compound Annual Growth Rate (CAGR) of 9.5%.2

Benjamin Chereskin, President and Founder of Profile Capital Management, has invested in the company for long-term returns. "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."   

Panzura's patented technology delivers real-time cloud-based file operations, including file locking to prevent overwriting or versioning, accelerating collaboration between remote workers, regardless of location. This allows organizations to share data globally, with security, in real time.

Panzura's military-grade security support for public, private and 'dark' clouds and immutable data architecture keeps cloud-based data secured and inherently secure from cyber-attacks.  Built-in active archive, enterprise-grade backup and disaster recovery maximize enterprise up-time and replace services typically provided by a third party, resulting in operational efficiencies and savings.

As part of the acquisition, Rich Weber, formerly Chief Product Officer, will become President of Panzura and Jason Luehrs has been promoted to CFO. Jill Stelfox, serial entrepreneur and previously co-CEO of mid-market catalyst firm EDGY, will join the organization as Executive Chairman and CEO. Former executives Patrick Harr and Steve Morgan have left the company to pursue their next cloud ventures.

Executive Quotes

About Profile Capital
Chicago, Illinois-based Profile Capital Management is a venture capital firm founded in 2009 to improve on the financial backing model that constrains venture capital and private equity. The firm specializes in venture capital and growth investments in the information technology and manufacturing sectors.

About Panzura
Panzura is the fastest global cloud file system on the planet and the leader in collaborative multi-cloud productivity and data management for global enterprises. It manages hundreds of petabytes of data in the cloud for companies in the healthcare, financial services, media and entertainment, gaming, and architectural, engineering and construction industries as well as government agencies. Visit panzura.com for more information.

1 "GigaOm Radar for File-Based Cloud Storage v 1.0 - Key Criteria for Evaluating File-Based Cloud Storage," Enrico Signoretti, March 27, 2020, https://gigaom.com/report/gigaom-radar-for-file-based-cloud-storage/

2  "Enterprise Data Market By Component," MarketsAndMarkets, 2020

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SOURCE Panzura

Company Name: Panzura, Profile Capital Management
Jenna Dobkin, (415) 652-2185
Email Contact
Web: http://www.panzura.com