Code42 Software, Inc., the Insider Risk Management (IRM) leader, announced that it has closed a transaction with Mill Point Capital to spin off its CrashPlan business. The new entity, to be known as CrashPlan Group (CPG), includes more than 100 employees, all CrashPlan solutions and CrashPlan customers. Code42 will use the proceeds of the transaction to accelerate the growth of the Code42 Incydr™ product and the Code42 Instructor™ microlearning solution, and further develop its team domestically and internationally.
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“We’re fully confident that this transaction will bring benefits to all of our customers, with both Incydr and CrashPlan receiving additional capital, focus and innovation as a result of this transaction.”
“With today’s news, the future for both Code42 and CrashPlan Group has never looked brighter. Code42 will direct all of its focus and resources on the rapidly developing Insider Risk Management market,” said Joe Payne, president and CEO of Code42. “We’re fully confident that this transaction will bring benefits to all of our customers, with both Incydr and CrashPlan receiving additional capital, focus and innovation as a result of this transaction.”
Code42 will focus 100% of its attention on the cybersecurity market. Code42 has played a defining role in developing the vision and requirements for Insider Risk Management – a new security market now recognized by Gartner, IDC and Forrester – and is a founding member of the annual Insider Risk Summit and Insider Risk Community. Code42 offers the industry’s most comprehensive set of technologies, controls, integrations and services designed to address Insider Risk.
Code42 Incydr is a SaaS product that allows security teams to effectively mitigate data exposure and exfiltration risks without disrupting legitimate collaboration. Incydr is purpose-built to help security teams effectively manage the dynamic nature of Insider Risk – which includes prioritizing and responding appropriately to the risks that matter the most. It surfaces the top indicators of Insider Risk and gathers detailed security intelligence about file movements to trusted and untrusted locations.
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Code42 Instructor is an employee security education microlearning video solution, tailor-made to reduce Insider Risk. From proactive organization-wide and department-level lessons to situation-specific persona and technology lessons and responsive user-specific lessons triggered by user activity, Instructor provides what is needed to truly change user behavior and reduce Insider Risk.
Under the terms of the agreement, Code42 and CrashPlan have agreed not to compete with each other in their respective markets. Code42 was supported during the transaction by Goodwin Proctor and Grant Thornton.
“The team leaving us today is truly excellent in every way and we will feel their absence – not just as colleagues, but as friends. The CrashPlan organization is filled with innovators, community leaders and people that care deeply about the success of their customers. CrashPlan has been an integral part of the Code42 story and I am incredibly grateful for the teams and customers who made it a success. We expect to see great things from the CrashPlan team in the future,” concluded Payne.
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