ZIXI - Zix acquires cloud-based backup and recovery provider CloudAlly

Founded in 2011, Israel based CloudAlly is a pioneer of enterprise-grade, SaaS cloud backup and recovery solutions.For the fiscal year ending Dec. 31, 2020, CloudAlly is expected to generate ~$8.0M in ARR (standalone basis).CloudAlly expands Zix’s (ZIXI) product suite into Microsoft Office 365 backup, filling growing demand from AppRiver’s MSP channel and Zix’s value-added reseller and direct channels.In connection with the acquisition, Zix modified its existing senior secured term loan by adding additional borrowings of $35.0M.On a pro forma basis, taking into effect the CloudAlly acquisition, as of Dec. 31, 2020, Zix expects to have over $20.0M of cash and cash equivalents and total long-term debt of $212.1M.Press ReleasePreviously: Zix EPS beats by $0.02, beats on revenue (Nov. 9)

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Zix acquires cloud-based backup and recovery provider, CloudAlly