Data Deposit Box, a global provider of cloud backup and recovery technology, has signed a binding letter of intent dated February 6, 2020, to be acquired by HostPapa.
After the acquisition of MezzoHost, a Canadian-based web hosting company HostPapa acquired Data Deposit Box, a global provider of cloud backup and recovery technology. Under the agreement, Data Deposit Box shareholders will receive a fraction under $0.0125 per share in cash for each Data Deposit Box share. It is expected that the transaction will close immediately following the shareholder’s meeting scheduled for March 13, 2020, subject to shareholder and regulatory approvals and other customary closing conditions.
Being a part of the HostPapa world
“We believe that the transaction brings significant value to our shareholders by way of a 32% percent premium over the prior 20-day trailing weighted average share price for Data Deposit Box common shares. Data Deposit Box’s cloud backup service fits perfectly into HostPapa’s full range of web products and solutions. We feel our technology and customers have a strong strategic future as part of the HostPapa world,” said Paul Nicholls, Chair and Director.
Jamie Opalchuk, Founder & CEO of HostPapa, talked about the acquisition, saying,
“We are excited about the opportunity of offering Data Deposit Box end-point security to our growing base of small business customers and reseller. With the ever growing threats targeting small businesses, it’s essential that as a service provider we offer our customers a suite of backup and security products such as Data Deposit Box to protect their business.”
Data Deposit Box is a cloud backup and storage provider for IT Resellers, Managed Service Providers (MSPs), and Small and Medium Businesses (SMBs). Over 15 years, it has over 350,000 users and over 200 partners in 53 countries.