Commvault appoints Bill O’Connell as new CSO

TINTON FALLS, N.J. - Commvault (NASDAQ: CVLT), a global provider of cyber resilience and data protection solutions with a market capitalization of $7.13 billion, has announced the appointment of cybersecurity expert Bill O’Connell as its Chief Security Officer (CSO). With nearly two decades of experience in the field, O’Connell’s role will be pivotal in enhancing the company’s security posture.

O’Connell’s career includes key positions at Roche, where he was responsible for safeguarding critical data and infrastructure, and at ADP, where he managed security across various applications, software, and products on a global scale. His extensive background in cybersecurity, risk management, and data privacy is expected to contribute significantly to Commvault’s mission of providing industry-leading cyber resilience. According to InvestingPro data, the company maintains impressive gross profit margins of 82% and has achieved 15.2% revenue growth over the last twelve months.

Sanjay Mirchandani, President and CEO of Commvault, expressed confidence in O’Connell’s ability to advance the company’s expertise as a leader in cyber resilience. "Bill’s vast experience...will significantly advance our expertise as a cyber resilience leader," Mirchandani said.

O’Connell, a University of Maryland alumnus, holds both Bachelor’s and MBA degrees, along with a graduate certificate in Cyber Security Policy. He is recognized for his previous leadership as Chair of the National Cyber Security Alliance Board of Directors and continues to be an active participant in industry groups focused on threat intelligence and privacy.

Commvault (NASDAQ: CVLT) serves over 100,000 organizations worldwide, offering a cyber resilience platform that promises comprehensive data security and rapid recovery at scale for any workload and location, with a focus on minimizing total cost of ownership. The company’s strong market position is reflected in its remarkable 59.7% stock price return over the past year. InvestingPro analysis reveals 14 additional key insights about Commvault’s financial health and market position, available to subscribers through the comprehensive Pro Research Report.

This announcement is based on a press release statement from Commvault.

In other recent news, CommVault Systems reported strong financial results for the third quarter of 2024, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.94, exceeding the forecasted $0.87, and total revenue reached $263 million, surpassing the anticipated $245.93 million. Subscription revenue saw significant growth, increasing by 39%, contributing to a 21% year-over-year rise in total revenue. Additionally, CommVault announced the appointment of Ha Hoang as its new Chief Information Officer, bringing over two decades of experience in enterprise technology to lead the company’s cloud, security, and AI technology initiatives.

CommVault’s recent strategic moves also include an acquisition, as discussed during their earnings call, which contributed $24 million in annual recurring revenue (ARR). The company ended the quarter with $241 million in cash reserves, indicating a strong financial position. Analyst firm DA Davidson reiterated its Buy rating for CommVault, maintaining a price target of $195, highlighting the company’s potential to sustain and accelerate its ARR growth. The firm noted that CommVault’s shares are trading at a discount compared to its peers, suggesting an undervaluation.

These developments reflect CommVault’s robust operational performance and strategic focus on expanding its subscription services, with a continued emphasis on cyber resilience and data protection solutions. The company’s outlook for fiscal 2025 includes expectations of total ARR growth of 19-20% and subscription ARR anticipated to increase by 28-30%. CommVault is on track to achieve $1 billion in ARR earlier than planned, supported by its comprehensive product offerings and strategic execution.

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