Panzura, creator of the fastest global cloud file system on the planet, 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.
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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%.
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.
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