The tech giant Google has announced that it’s entered into a formal agreement to acquire Actifio, a provider of cloud data management services that’s backed by over $350 million in venture funding and was valued as high as $1.3 billion from a funding round in 2018. 

The financial terms of the acquisition isn’t disclosed, whereas Google’s Cloud division is the one particularly acquiring Actifio to strengthen its business. Actifio specializes in backup and disaster recovery (DR) for enterprise customers by protecting virtual copies of their data online and delivering them when needed, a business that undoubtedly fits into Google Cloud.

Actifio’s acquisition mirrors when Google acquired the cloud analytics startup Looker for $2.6 billion in a deal that was completed early this year. Under the leadership of the former Oracle executive Thomas Kurian, Google Cloud is keen on expansion and has adopted strategic acquisitions as a way to do that.

Google Cloud’s expansion strategy has begun paying off in recent years, whereas the division pulled in $3.4 billion in revenue in the third quarter ending September this year, up 45% compared to the previous year.

Google will add Actifio to its suite of cloud services for enterprises once its acquisition is complete. That the financial terms of the acquisition weren’t disclosed hints at the price being less than Actifio’s most recent valuation of $1.3 billion though that’s not certain and subject to speculation.

Over the years, Actifio was backed by some of the biggest names in the venture capital scene, including Tiger Global, Andreessen Horowitz, TCV, and 83North.

Photo: Google Cloud CEO Thomas Kurian, credit: Oracle PR, licensed under CC BY 2.0

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