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Commvault to buy startup Hedvig for $225M

Software provider Commvault Systems Inc. agreed to acquire startup Hedvig Inc. for $225 million in a bid to bolster its offerings in the multicloud data management market.

The total consideration includes the purchase price and the cost of retaining Hedvig employees.

The planned acquisition is slated to close in Commvault's fiscal third quarter. Commvault expects the deal to be slightly dilutive to its fiscal year 2020 non-GAAP EPS and accretive to its fiscal year 2021 non-GAAP EPS.

Founded in 2012, Hedvig develops a cloud-based software-defined storage system. Investors in the company includes Vertex Ventures and Redpoint Ventures.