2013-03-07 10:58:01 - Quorum®, the leading provider of hybrid cloud disaster recovery solution for small to mid-sized businesses announced that it has raised $11 million in Series B funding. The round was led by new investor Toba Capital and joined by prior investors, including Airtek Capital Group
SAN JOSE, Calif., March 5, 2013 – Quorum®, the leading provider of one-click backup, recovery and continuity for small to mid-sized businesses, today announced that it has raised $11 million in Series B funding. The round was led by new investor Toba Capital (formed by Vinny Smith, former CEO of Quest Software, which was acquired by Dell in September 2012 for $2.4 billion), and joined by prior investors, including Airtek Capital Group.
"This investment round illustrates Quorum's continued momentum as its one-click backup, recovery and continuity solutions make their mark on the disaster recovery industry," said Larry Lang, CEO, Quorum. "We're very excited to continue working with our existing investors and welcome the opportunity to work with Mr. Smith and Toba
Capital as we build on our success in a growing market."
"Small to mid-sized businesses are beginning to look at business continuity differently, consequently moving from the old world of backup to tape, to a new world of recovery with the hybrid cloud," said Smith. "With its hybrid cloud solution, Quorum is leading the creation of a new category in disaster recovery. This was a driving reason behind the decision for Toba Capital to invest in the company."
Proceeds from the Series B funding will be used to expand sales, marketing and support for Quorum's one-click backup, recovery and continuity solutions, which have seen significant demand over the past year. The funding will also be used to hire additional engineers to extend Quorum's product portfolio. Cost-effective and easy to use and deploy, the Quorum hybrid cloud and appliance solutions for high availability and disaster recovery have been hailed by industry luminaries as "disruptive" technologies, challenging the status quo of backup software from Symantec and other legacy backup players. This is due to Quorum’s unique ability to help small to mid-sized businesses avoid expensive downtime and recover from disaster in minutes, as opposed to days. The solutions also offer automatic and on-demand testing at no additional cost, which is a critical part of any business continuity plan.
The growing demand for Quorum's technology is underscored by findings presented in its recent Disaster Recovery Report, which bring the realities of system downtime into focus. According to the report, most small to mid-sized companies experience at least one instance of downtime a year, and it is most often caused by hardware failure. At an estimated loss of $74,000 for each hour of downtime, small to mid-sized businesses are eager to safeguard their revenue, customers and reputation with the Quorum solutions.
About Toba Capital
Toba Capital is a venture firm focused on enterprise software and infrastructure. Toba backs entrepreneurs building transformative businesses, both as an investor and as an ongoing operational partner. The firm was founded by Vinny Smith, an early investor and former CEO of Quest Software. For more information, visit www.tobacapital.com.
Quorum® provides assured, one-click backup, recovery and continuity, helping businesses safeguard their revenue, customers and reputation. The award-winning Quorum series of appliance and hybrid cloud solutions makes continuity a reality for small to mid-sized companies, letting them recover from any type of disaster within minutes. Most importantly, Quorum is simple and cost-effective. If your company avoids just 30 minutes of downtime, the Quorum solution pays for itself. The company is headquartered in San Jose, Calif. To learn more, please follow us on Twitter@quorumlabs, check out our Facebook page or visit www.quorum.net.
Quorum, One-Click Recovery and the Quorum logo are trademarks or registered trademarks of Quorum, Inc. in the United States and other countries.