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Commvault’s Collapse And Comeback Narrative Is Drawing Buyers—Here’s What The Market Missed !

Commvault has suddenly become a takeover story after reports that the company is exploring a sale following interest from private equity firms and strategic buyers, with Thoma Bravo named among interested parties and IBM identified by one analyst as the most logical strategic fit. But the more revealing angle is not simply whether shareholders could get a 30% premium. It is whether the public market had already pushed the company’s valuation so low that acquisition interest became a natural consequence of the disconnect. Before the Reuters report, Commvault had been trading at roughly 13x EV/CY26 free cash flow and was down around 60% from its September 2025 highs, even as the company continued to post strong subscription growth, rising ARR, expanding SaaS momentum, and a Rule of 40 profile.