Data Security
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Data Security Posture Management
Slumping Stock and Slower Growth Than Rival Rubrik Pave Way for Take-Private Deal

The rising tide of artificial intelligence security lifted the boats of all data protection vendors as recently as 2024.
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Two of the hottest cybersecurity stocks that year were Rubrik and Commvault, with the former surging after its April 2024 initial public offering and finishing the year up 76.5% at a valuation of more than $10 billion. Rival Commvault, which had gone public 18 years earlier, enjoyed a similar bonanza, with its stock rising by 96.1% that year and finishing 2024 with a valuation of $6.6 billion.
But in 2025, the paths of the only two public, pure-play data protection vendors diverged, with Rubrik enjoying another 15.3% stock price bump and reaching a valuation of $15.31 billion thanks to its modern architecture and security-centric approach. At Commvault, a more storage-centric approach to data protection caused the firm’s stock to drop 17.6% in 2025 and sent its valuation down to $5.53 billion (see: Largest Cyber Stocks Feast in 2025, as Smaller Stocks Famish).
Rubrik grew its revenue nearly 49% in the company’s most recent fiscal year to $1.32 billion, and increased its headcount by nearly 19% in the fiscal year ending on Jan. 31, 2026, to 3,797 workers. For the fiscal year ending on March 31, 2026, Commvault expects to grow revenue by just 18.4% to $1.18 billion, and the company implemented two restructuring plans in the past year to optimize cost structure.
This year has been equally cruel to both companies amid the SaaS-pocalypse, with Rubrik’s stock down nearly 39% as of late Thursday while Commvault’s stock was down more than 35% over the same time period. Still, with most cybersecurity categories becoming winner-take-all – and the public market only supporting one company in most markets – it’s clear Rubrik is best-positioned to be the category leader.
Amid that backdrop, Reuters reported Friday that Commvault is working with Goldman Sachs to explore a sale after receiving takeover interest from both private equity firms as well as strategic buyers. Thoma Bravo is among the buyers that have expressed interest in Commvault, sources told Reuters, with the private equity firm having already made an earlier offer for the company.
Investors have sent Commvault’s stock up nearly 13% since the Reuters report was published late Friday to $88.52 per share, which is the highest the company’s stock has traded since Feb. 26. Goldman Sachs and Thoma Bravo declined to comment, while Commvault didn’t immediately respond to an ISMG request for comment.
Why Commvault Hasn’t Translated Strong Tech to Share Gains
Take-private acquisitions have been rare as private equity firms’ struggle to offload existing investments at a reasonable return amid uncertainty around the impact of cutting-edge AI agents and models on traditional security functions. Only two of the 10 largest cyber deals in 2025 were take-privates, with Turn/River Capital buying SolarWinds for $4.4 billion and Francisco Partners buying Jamf for $2.2 billion.
In contrast, five of the 10 largest cybersecurity acquisitions of 2024 were carried out by private equity firms, with Thoma Bravo buying Darktrace for $5.3 billion, EQT buying Acronis for $4 billion, HG buying AuditBoard for more than $3 billion, Francisco Partners and Clearlake Capital buying Black Duck Software for $2.1 billion and Permira buying BioCatch for $1.3 billion.
Commvault has recently made three tuck-in acquisitions to expand its footprint, buying Israeli data security and AI governance company Satori Cyber in August 2025 for $28.3 million. The year before, the company bought data backup and recovery provider Clumio in October for $44.9 million and cloud cyber resilience vendor Appranix for $26.3 million.
The company’s technology has been widely praised by analysts, with Forrester ranking it highest among nine data resilience vendors and praising Commvault for its comprehensive supported workload list. Gartner ranked Commvault alongside Veeam for its highest execution ability score, and praised the firm for cloud workload coverage, its cloud rewind strategy and Active Directory orchestrated recovery.
But the company’s technological acumen hasn’t translated to market gains, with Commvault’s share of the data protection software market drifting between 6.6% and 7.1% from 2019 to early 2024. Rivals large and small fared better, with Veeam growing its share from 9.2% to 12.9% during the same time while Rubrik grew its market share from 3.9% to 5.5% and has since surpassed Commvault in size.
Commvault this week hired the former CEO of managed detection and response provider Ontinue to provide its go-to-market operations with a shot in the arm. The company named Geoff Haydon as president of customer and field operations, and tasked him with overseeing sales, partnerships, customer support and success.
Perhaps the new blood combined with a new owner will help Commvault keep pace in a cyber market that’s uniquely positioned to cash in on the AI windfall.
