Commvault is exploring a potential sale following acquisition offers from multiple parties. Goldman Sachs is advising on the process. Private equity firm Thoma Bravo is among the interested buyers and is reported to have already made an offer.
That is according to sources cited by Reuters. The company, with a market value of approximately $3.5 billion, has engaged Goldman Sachs to explore its options. Both private equity firms and strategic buyers have expressed interest. Thoma Bravo is among the interested parties and is said to have previously made an offer for Commvault. This investment firm owns many IT brands, such as Proofpoint, Sophos, and Qlik. The timing and price of the earlier offer are unknown.
Commvault’s stock reached an all-time high on September 18 of last year. Since then, the share price has fallen by approximately 60 percent, a decline driven in part by concerns about how AI is disrupting the business models of software companies. Nevertheless, Commvault performed strongly operationally: in the most recent quarter, revenue rose 19 percent to a record $314 million.
Thoma Bravo Managing Partner Orlando Bravo previously called the downturn in the software market a “huge buying opportunity.” This makes the firm one of the few private equity firms actively seeking acquisition targets despite AI uncertainty.
Data recovery as a growth segment
Commvault focuses on data protection and recovery in the event of cyberattacks, ransomware, and system failures for both enterprise environments and cloud providers. Its clients include 3M, Sony, and Hilton. In November 2025, the company launched Cloud Unity, an AI platform for cyber resilience that bundles tools for data discovery, recovery, and identity protection.
Tip: Commvault launches AI tools for a secure agentic AI era