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Friday, September 22, 2006

CommVault IPO Prices at the High-End of Its Range

CommVault (CVLT) priced its IPO of roughly 11.111 million shares at $14.50, at the high end of its proposed $12.50-$14.50 range. Of those shares, CommVault is selling 6,148,148 shares and selling shareholders are selling 4,962,963 shares.

Credit Suisse and Goldman Sachs are the joint bookrunners, with Merrill Lynch as the Lead Manager. Thomas Weisel Partners, RBC Capital Markets, and C.E. Unterberg Towbin acted as co-managers.

Commvault is a provider of data management software applications under the QiNetix brand name. CommVault® provides Unified Data Management(TM) solutions for high- performance data protection, universal availability and simplified management of data on complex storage networks. The CommVault® QiNetix(TM) platform, based on CommVault's Common Technology Engine, integrates Galaxy backup and recovery, snapshot management and recovery, remote replication, active data migration and archiving, e-mail compliance, enterprise service level management and reporting and storage resource management software solutions. The QiNetix unified approach allows customers to add/integrate QiNetix components, at a fraction of the time, effort and money required by separate point products.

Here is what the company claims: With the CommVault backup solution, instead of daily incremental backups and a conventional full backup on weekends, CSCNO does incremental backups each night throughout the month, and a Synthetic Full backup at the end of the month. The monthly Synthetic Full backup of 500 to 600 GB takes about 10 hours to complete. Compared to 48 hours each week for the previous solution, that’s a 95 percent reduction, from over 200 hours per month to 10 hours per month.

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