I just came across the breaking news from TechCrunch that online storage company Mozy has been acquired by juggernaut EMC Corporation for a whooping $76 million.
In case you do not already know, Mozy offers MozyHome, which does no-fuss, automatic online backup for both Windows and Mac machines. MozyHome is free for home and non-commercial use. All you need to do is download the free client software and select the folders to be backed up.
Data is transferred in the background using 128-bit SSL and stored on Mozy's server using 448-bit Blowfish encryption. Mozy also offers MozyPro, a paid service catered towards businesses. You can compare the differences between MozyHome and MozyPro here.
Mozy, by contrast, raised just $1.9 million in capital...
That's quite an exit for Mozy - $76 million on just $1.9 million raised. It's almost identical to StumbleUpon, which was acquired by eBay earlier this year for $75 million after raising just $1.5 million in venture capital.
There were rumors from a year ago that Mozy was in talks to be acquired by Google for significantly less money. Mozy must have passed on the deal then, and it looks like it made the right choice by waiting.
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Paul Mah is a writer and blogger who lives in Singapore, where he has worked for a number of years in various capacities within the IT industry. Paul enjoys tinkering with tech gadgets, smartphones, and networking devices.