File collaborator Panzura bought by VC firm

Panzura which supplies file sharing via cloud storage gateways has been acquired for an undisclosed sum by Profile Capital Management, an investment management business.

Freedom Cloud NAS is Panzura’s cloud-based NAS product and it is resold by IBM. Panzura supports all the main public clouds and also sells its Vizion.ai, a SaaS-delivered file data management service. It has had success in the past with file sync and share services for electronic design automation, also the Architectural, Engineering, and Construction (AEC) market.

Its main competitors are CTERA and Nasuni.

Benjamin Chereskin, President and Founder of Profile Capital Management, issued a quote: “Now’s the time to invest in cloud storage, and Panzura — with its stellar technologies specifically engineered for cloud agility and the flexibility enterprises mandate — is the right company to invest in for rapid growth. We are convinced that Panzura’s market trajectory will accelerate as businesses adjust to the new normal of remote working.”

Profile Capital Management is described by Bloomberg as a private equity company but it also invest as a VC; for example in security firm Expel in April 2018.

Panzura was founded in 2008 and has taken in a total of $90m in funding over 5 rounds, the last one in 2017 for $32m. The two founders were CTO John Taylor and ex-CEO Randy Chou. Current CEO Patrick Harr now leaves as does CFO Steve Morgan.

Jill Stelfox

Jill Stelfox, described as a serial entrepreneur, and previously co-CEO of mid-market catalyst firm EDGY, will join Panzura as its Executive Chairman and CEO. Her LinkedIn profile shows much sports-related entrepreneurship but no previous Infrastructure IT background. Jason Luehrs has been promoted to CFO. Rich Weber, formerly Chief Product Officer, will become Panzura’s President. They are, we might say, the continuity executives.

Rich Weber issued a quote: “Being acquired by Profile Capital is exciting for Panzura, our customers, and employees. The sudden acceleration in the trajectory of enterprise remote working trajectory, from ‘nice to have’ to ‘essential’, is driving global IT investments in real-time collaboration with virtual teams, business continuity, and data security, all of which we excel in.“

So too did Patrick Harr: “I am very proud of what the company and team achieved in delivering the number one multi-cloud file and analytics service with the industry’s highest net promoter score of 88 while migrating from a perpetual to a SaaS subscription model. And, coming off a record quarter and closing the sale of the company, I am confident Profile and the entire team will continue to accelerate Panzura’s growth and prospects.” 

Let’s leave the last word to incoming CEO Jill Stelfox: “Panzura is making a profound impact on global enterprises, providing the cloud-first infrastructure that ensures business can continue as usual when people cannot, or do not, come into the office. I’m honored to lead a great team and powerful partner network to scale the company to new heights.” 

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