Private equity firm Thoma Bravo, along with other potential suitors, is exploring the acquisition of Commvault, according to a Reuters report. The outlet noted that Commvault is working with Goldman Sachs to evaluate its strategic options, including a possible sale.
Commvault specializes in enterprise-grade data protection and cyber-resilience solutions. Since Sanjay Mirchandani assumed the CEO role in 2019, the company has experienced steady growth, driven by its shift toward SaaS-based data protection offerings. Mirchandani revamped the company’s sales strategies and go-to-market approach, leading to record-breaking results in its most recent quarter (Q3 FY 2026): revenue hit $314 million, and annual recurring revenue (ARR) surpassed the $1 billion milestone. Despite this success, Commvault announced a restructuring initiative at the end of the quarter aimed at optimizing operational costs.
Q3 FY 2026 marked Commvault’s 10th consecutive quarter of robust growth. However, the company’s projected growth outlook failed to meet analysts’ and investors’ expectations, triggering a sharp 30% drop in its share price—from $129.36 to $89.93—on the day following the earnings announcement. The decline was exacerbated by the fact that the stock had traded as high as $195.41 in September 2025; two days after the earnings release, it plummeted to a low of $75.18, creating a window of opportunity for interested acquirers.
Following the Reuters report, Commvault’s stock has since rebounded to $88.88, giving the company a market capitalization of $3.91 billion.
To provide context, Commvault was a struggling legacy data protection vendor prior to Mirchandani’s arrival. It has since been overtaken in terms of customer count and revenue by privately held Cohesity, Veeam, and Rubrik— which went public two years ago and now boasts a market cap of $8.86 billion.
Commvault could benefit from strengthening several key areas: cyber-resilience (a core strength of Rubrik), artificial intelligence (a focus for Cohesity), and mid-market penetration (a key capability of Veeam).
Thoma Bravo’s cybersecurity portfolio includes notable names such as Darktrace, LogRhythm, Ping Identity, Proofpoint, SailPoint, and Sophos—creating potential synergies with Commvault’s data protection and cyber-resilience offerings.
Unlike activist investors like Elliott Management, private equity firms typically take a longer-term approach to the companies they acquire, focusing on sustainable growth rather than short-term gains.
Cohesity acquired Veritas’ data protection business from private equity firm Carlyle in February 2024. Carlyle had purchased Veritas from Symantec in 2015 for $7.4 billion, holding it for nine years before the Cohesity sale. Having divested Veritas, Carlyle may be interested in investing in another data protection player like Commvault.
Veeam is owned by Insight Partners, another private equity firm that acquired it for approximately $5 billion in 2020. Combining Commvault’s substantial enterprise customer base with Veeam’s market presence would solidify Veeam’s position as the leader in the data protection and cyber-resilience space. Other potential PE suitors for Commvault include Francisco Partners—whose portfolio includes Forcepoint and SonicWall—and Vista Equity Partners, which counts Securonix among its investments.
Commvault recently announced leadership changes: Gary Merrill, previously Chief Commercial Officer, has been promoted to Chief Financial Officer, replacing Jennifer DiRico. DiRico resigned in January (prior to the earnings announcement) to take on the role of Executive Vice President and CFO at global software provider PTC. As CCO, Merrill oversaw Commvault’s sales and partner organization.
Additionally, Geoff Haydon has been hired as President of Customer and Field Operations, joining from his role as CEO of cybersecurity firm Ontinue. He will be responsible for the end-to-end customer experience, spanning sales, partnerships, customer support, and success. Haydon was previously a member of Commvault’s Board of Directors but will step down from the board to focus on his new operational role.
Beijing Qianxing Jietong Technology Co., Ltd.
Sandy Yang/Global Strategy Director
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