I don’t hear about news from LiveDrive but when I saw this press release yesterday it caught my eye. Looks like LiveDrive has been bought out by j2 Global. This is a huge for LiveDrive users and resellers and could be interesting to see how the LiveDrive will be integrated into j2 Global. I would hope that this might improve LiveDrive but considering j2 Global already owns and runs KeepItSafe online backup you have to wonder what the plans really are for LiveDrive.
I have included the complete press release below for you to read.
What do you think, will j2 Global buying LiveDrive improve the service at all or will this spell the end of LiveDrive and all of the LiveDrive resellers out there?
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February 10, 2014 08:00 AM¬†Eastern Time
j2 Global Acquires LiveDrive; j2‚Äôs Online Backup Annualized Monthly Run-Rate Exceeds $40M
Acquisition expands j2’s data storage business to two global brands‚ÄîLiveDrive¬Æ for professionals & individuals and KeepItSafe¬Æ for businesses
LOS ANGELES–(BUSINESS WIRE)–j2 Global, Inc. (NASDAQGS:JCOM), a global provider of Internet services, today announced that it has acquired¬†LiveDrive¬Æ, a UK-based provider of online backup with added file sync features for professionals and individuals. The acquisition moves j2’s cloud backup annualized monthly revenue run rate to over $40M, expands its global online backup business and customer base, and establishes a j2 Global UK office in LiveDrive’s Paddington, UK location.
“The acquisition of LiveDrive underscores our commitment to grow and diversify j2’s revenues both organically and through acquisitions on a global basis,” said j2 CEO Hemi Zucker. “LiveDrive brings j2 an established brand, customer base and reseller channel in the UK, proven technology, and a talented UK-based team.‚Äù
‚ÄúWe are ready to take LiveDrive‚Äôs momentum in the marketplace and build on it,‚Äù said Eoin Blacklock, Managing Director, Cloud Backup for j2. ‚ÄúWe’re excited to have LiveDrive’s employees become part of the j2 family, and look forward to working with their staff and resellers to grow our online backup and cloud storage business globally under both the LiveDrive and KeepItSafe brands.”
Terms of the acquisitions were not disclosed and the financial impact to j2 is not expected to be material.
About j2 Global
j2 Global, Inc. (NASDAQGS:JCOM) and its affiliates provide Internet services through their two divisions: Business Cloud Services and Digital Media. The Business Cloud Services Division offers Internet fax, virtual phone, hosted email, email marketing, online backup, unified communications and CRM solutions. It markets its services principally under the brand names¬†eFax¬Æ,¬†eVoice¬Æ,¬†FuseMail¬Æ,¬†Campaigner¬Æ,¬†KeepItSafe¬Æ and¬†Onebox¬Æ and operates a messaging network spanning 49 countries on six continents. The Digital Media Division consists of Ziff Davis Inc., which offers technology, gaming and lifestyle content through its digital properties which include¬†PCMag.com,¬†IGN.com,¬†AskMen.com, Toolbox.com and others. Ziff Davis also operates NetShelter Powered by BuyerBase, an advanced digital ad targeting platform, and Ziff Davis B2B, a leading provider of research to enterprise buyers and leads to IT vendors. As of December 31, 2012, j2 had achieved 17 consecutive fiscal years of revenue growth. For more information about j2, please visit¬†www.j2global.com.
‚ÄúSafe Harbor‚Äù Statement Under the Private Securities Litigation Reform Act of 1995:¬†Certain statements in this Press Release are ‚Äúforward-looking statements‚Äù within the meaning of The Private Securities Litigation Reform Act of 1995, including but not limited to grow of the LiveDrive business. These forward-looking statements are based on management‚Äôs current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the ability to successfully integrate LiveDrive into j2 and the numerous other factors set forth in j2?s filings with the Securities and Exchange Commission (‚ÄúSEC‚Äù). For a more detailed description of the risk factors and uncertainties affecting j2, refer to j2‚Äôs 2012 Annual Report on Form 10-K filed on March 1, 2013, and the other reports filed by j2 from time-to-time with the SEC, each of which is available at¬†www.sec.gov¬†and at investor.j2global.com. The forward-looking statements provided in this press release are based on limited information available to j2 at this time, which is subject to change. Although management‚Äôs expectations may change after the date of this press release, j2 undertakes no obligation to revise or update these statements.
j2 Global, Inc.
Bill Threlkeld, 323-386-2382