Cloud-based data protection provider Carbonite is acquiring cybersecurity company Webroot for $618.5 million in cash. The combined business will address the endpoint – to protection through cloud-based cybersecurity, paired with cloud-based backup and recovery, Carbonite said in a statement.

Founded in 1997, Webroot is a private company that secures endpoints and provides network protection, security awareness training and threat intelligence services. The company’s fiscal year 2018 revenue was approximately $215 million.

RBC Capital Markets is serving as financial advisor to Carbonite, and Barclays is serving as financial advisor to Carbonite. Skadden, Arps, Slate, Meagher & Flom is serving as Carbonite’s legal counsel. Barclays, Citizens Banks, and RBC Capital Markets have provided committed financing in support of the transaction and Simpson Thatcher & Bartlett is serving as financing counsel. William Blair & Company is serving as exclusive financial advisor to Webroot and Goodwin Procter and Holland & Hart are serving as legal counsel.

The transaction is expected to close in the first quarter of 2019, subject to the receipt of regulatory clearance and other customary closing conditions.

[Image courtesy: Webroot]