Needham & Company maintains a 'Buy' on CommVault Systems (CVLT); Strategic OEM Agreement with NTAP

Needham & Company maintains a 'Buy' on CommVault Systems (NASDAQ: CVLT), PT increased by $2 to $46.

Needham analyst says, "CVLT has entered into a global OEM agreement (effective 5/31) with NetApp (Nasdaq: NTAP) under which NTAP has licensed elements of Simpana 9, branded it as NTAP SnapProtect and sold as part of NTAP’s data protection portfolio. SnapProtect is tightly integrated with Netapp SnapVault and Snapmirror and licensed on a per controller basis. Term of agreement is 3 years, auto renewal...Netapp has acquired ownership of CVLT SnapProtect brand which will be sold through NTAP’s worldwide direct sales force and DISD partners...CVLT was responsible for much of the extensive R&D integration work. NTAP has primary role in sales effort with S&M support from CVLT."

For more ratings news on CommVault Systems click here and for the rating history of CommVault Systems click here.

Shares of CommVault Systems closed at $40.72 yesterday.

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