Carbonite Inc. (CARB)

[chmcnfunds]

Carbonite will remain an independent company — for now

Apr 16, 2015, 11:16am EDT

Carbonite, a Boston-based online backup firm, said Thursday that it ended a process to explore a potential sale of the company.
In early January, Carbonite (Nasdaq: CARB) said that it would explore a "broad range of strategic alternatives." The company retained Deutsche Bank Securities Inc., Foley & Lardner LLP and Sidley Austin LLP to facilitate a comprehensive review to maximize value for shareholders.
“We ran a robust process under the direction of our board of directors and independent advisors to ensure that all options available to deliver optimum shareholder value were thoroughly explored,” said Todd Krasnow, lead independent director, in a statement.
Earlier this month, California-based J2 Global said that it would be interested in acquiring only Carbonite's endpoint business. J2 — which owns a variety of cloud-related and media companies — said in March that it would drop its $415 million bid for Carbonite.
Shares of Carbonite were down 5 percent Thursday morning to $10.97.
Carbonite also said Thursday that it expects first quarter revenue to exceed the high end of its previously provided guidance range of $31.9 million to $32.1 million. The company also reaffirmed annual guidance that total revenue for 2015 will be within or above the range of $137 million to $138 million.
Industries: Banking & Financial Services, Human Resources, Technology
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