Carbonite Raises $125M to Pay Off Debt, Scout Acquisitions

Carbonite, a publicly traded cloud backup and data protection firm, is raising $125 million from investors to pay off debt and restock its war chest. The Boston-based company (NASDAQ: CARB) announced it’s conducting a private offering of convertible senior notes to institutional investors. Carbonite says it plans to use about $40 million of the net proceeds from the offering to pay off all the remaining debt under its revolving credit facility, which will then be terminated. The rest of the earnings from the offering will fund general business activities—including potential acquisitions, Carbonite says. The company has made several acquisitions in recent years, including buying Double-Take Software for $65.25 million in January.