Dell EMC has sold its Spanning SaaS data protection unit to a private equity company less than three years after acquiring it.
Dell EMC on Thursday said it had sold the Spanning business to Insight Venture Partners for an undisclosed sum. The organization will revert to its old name, Spanning Cloud Apps, and will be based in Austin, Texas, as a Dell strategic partner.
Spanning Cloud Apps was originally acquired by EMC in October of 2014 as part of a push by EMC to develop its hybrid cloud capabilities. EMC that same month unveiled two other similar acquisitions: OpenStack IaaS solution developer Cloudscaling, and global namespace provider Maginatics.
Jeff Erramouspe, who ran Spanning Cloud Apps before its acquisition by EMC, will be the CEO of the newly-independent company.
"The acquisition comes as Spanning experiences continued business momentum, with more than 70 percent year-over-year revenue growth and a growing roster of more than 7,000 customers," the company said in a press release. "Spanning protects more than 1.5 billion items for customers each week and has restored roughly 18 million items for customers in 2016."
Insight Venture Partners said it would provide Spanning with resources to continue to expand its SaaS data protection market.
For more on this story, please see: Dell EMC's Sale Of Spanning Cloud Apps Improves Prospects For The Newly Independent SaaS Data Protection Vendor.