StorageCraft Get a New CEO and $187million to kick off 2016
 
StorageCraft Technology Corporation, has secured $187,000,000 in investment from TA Associates, a leading global growth private equity firm though additional details about the terms of the transaction were not disclosed. The investment is expected to close in late January.

In connection with the investment, Matt Medeiros has joined StorageCraft as Chairman and CEO.

Primarily serving small to medium-sized businesses, StorageCraft provides backup, disaster recovery, system migration, virtualization and data protection solutions for servers, desktops and laptops on Windows and Linux platforms. Founded in 2003, StorageCraft is headquartered in Draper, Utah, with a European headquarters in Cork, Ireland, and regional offices around the world.

Mr. Medeiros joins StorageCraft from Dell SonicWALL, where he served as General Manager of Security Software.

At DSA we see this appointment and the investment as notice that StorageCraft is looking to move to another stage in its development. Until now StorageCraft has managed to maintain an image and style of a small friendly independently minded company. Not always taking a traditional corporate approach to getting things done. In ASEAN in particular under the guidance of the very knowledgeable and popular David Vesely, StorageCraft has used this “friendly: approach to build an army of very happy and loyal partners who praise StorageCraft not just for the technology but as a valuable, reliable and trustworthy vendor business partner.

David Vesely - Responsible for StorageCraft across ASEAN

The level of investment and appointment of a CEO that comes from a more regimented corporate background is understandable, but “buyer beware” if the Mr Medeiros makes too many changes to quickly he risks damaging the “charm effect” that has worked so well for StorageCraft until now.

We hope he gets the balance right as there is large ecosystem of partners and users in ASEAN that have invested a lot in their relationship with this company. It would be shame to see that damaged.
 
Jonathan W. Meeks, a Managing Director at TA Associates who will join the StorageCraft Board of Directors. Said “We are excited about this investment and to welcome a highly credentialed technology executive like Matt to the company. With its award-winning business continuity and disaster recovery product suite, StorageCraft has had notable success, directly and indirectly serving over 10,000 MSPs. In keeping with TA’s long-established investment approach, we will collaborate closely with Matt and his team to further grow the company.”

“StorageCraft has become a thriving international software development company because of the performance and reliability of our products,” said Matt Medeiros, Chairman and CEO, StorageCraft Technology Corporation. “This investment is further testament to StorageCraft’s achievements. We see a number of avenues to expand StorageCraft’s product offering and to grow our client base, particularly in international markets, and anticipate TA will play a central role in these efforts. We will continue to aim to build best-in-class products and programs specifically designed for channel partners.”

Gartner valued the business continuity/disaster recovery (BC/DR) market at $5.2 billion in 2014, and predicts it will reach $7 billion by 2019, a 6% compound annual growth rate (CAGR). According to MarketsandMarkets, global Disaster Recovery as a Service (DRaaS) is the fastest growing component of the recovery market and is forecast to increase to $5.8 billion by 2018 from approximately $640 million in 2013, a 55% CAGR.