Business
Investment in Backblaze, Inc.
Investment in Backblaze, Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4188I TMT Investments PLC 25 July 2012 \n \n\n25 July 2012\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Backblaze, Inc.\n \nThe Board of TMT is pleased to announce the completion of an investment in Backblaze, Inc. (\"Backblaze\"). Incorporated in Delaware in 2007, Backblaze provides individuals and corporate customers with online data backup solutions.\n \nTMT has acquired 295,598 newly issued preferred shares, 7,478 existing preferred shares and 288,120 existing common shares, collectively representing 9.86% of Backblaze's fully diluted equity capital, for an aggregate consideration of US$2,500,759.\n \nIn addition, TMT has agreed to acquire, on the first anniversary of the transaction, such number of newly issued and existing shares in Backblaze as will bring TMT's fully diluted equity stake in Backblaze to a minimum of 13.33% and a maximum of 19.05%, dependent on Backblaze's performance, for an additional aggregate consideration of US$2,500,759.\n \nThe agreements between the parties include pre-emption rights, liquidation preferences, board observer seat and other rights and protections in favour of TMT customary for preferred stock holders. Definitive agreements for the transaction were entered into, and the transaction was completed, yesterday.\n \nNowadays, photos, music, videos, documents and other data have gone digital and are stored on laptops and desktops everywhere. Based on Backblaze's research, approximately 46% of computer users suffer a data loss incident every year. Unfortunately, according to a study by research firm Harris Interactive conducted on behalf of Backblaze, 90% of these people in the U.S. do not regularly back up their data. Thus, this (often irreplaceable) information is permanently lost due to hard-drive crashes, software glitches, human error, and computers been lost or stolen. Backblaze's mission is to help computer users solve this serious problem. \n \nBackblaze offers a service that automatically and continuously backs up all data from Mac- or Windows-enabled computers, over the Internet, to Backblaze's data centre. The Backblaze service is competitively priced, and generally costs US$5 per month per computer for unlimited storage. When users lose d...