Jungle Disk makes first acquisition
Jungle Disk has acquired SafetyNet, a way to back up QuickBooks Online, the San Antonio company will annouce Tuesday.
It’s the first acquisition for the company since it was spun off from local cloud service provider Rackspace nearly two years ago, and CEO Bret Piatt says he thinks Jungle Disk is the largest company with a solution like SafetyNet.
“There’s a couple of other folks,” Bret Piatt said Friday in an interview in advance of the announcement. “QuickBooks has an app store, and there’s a couple of other companies that are in there but they’re not ones where they’re our size or scale.”
Jungle Disk is buying SafetyNet from Jobber, a cloud and mobile software platform for home service businesses, but none of Jobber’s employees are coming to Jungle Disk, Piatt said. The company declined to disclose financial details of the transaction.
“We have a lead developer that’s devoted to this already and we’ll continue to add and build out the team to take care of this business as it grows,” Piatt said.
Jungle Disk has gone from 12 employees when the business was spun out of Rackspace in January 2016, to 28 today, Piatt said. The company has around 25,000 customers, Piatt said.
And while the acquisition of SafetyNet is Jungle Disk’s first, it won’t be its last, he said.
“We’re going to continue looking at new and interesting technology, and potentially new markets to enter,” he said.
Many Jungle Disk customers use the company’s existing backup software to back up their desktop version of the accounting software QuickBooks, but before the acquisition Jungle Disk didn’t have a way for its customers to back up the cloud-based version, QuickBooks Online, Piatt said.
SafetyNet had been running in beta for a few years, and “we’ve gone through product and we’ve made some enhancements already,” Piatt said.
“There’s still some things to improve — always is in a tech product — but we’re really happy with where it’s at today,” Piatt said.
The product is being offered in three editions: a free tier, a small business edition at $8 a month and an accountant edition at $25 a month, according to the announcement.
As companies move from desktop versions to software-as-a-service products like QuickBooks Online, management isn’t always making sure there is a completely separate backup, Piatt said.
According to Intuit’s site for QuickBooks Online, those who subscribe to the service get “automatic data-encrypted back-ups” in the deal. But according to a post on QuickBooks Online’s support, “because we update your records with every change, we cannot restore your file to a previous point in time.”
“All QuickBooks Online data is automatically backed up on an ongoing basis,” said Stephen Sharpe, spokesman for Intuit, via email. “There is not currently a feature in QuickBooks Online where a customer could make a copy of their company file before taking an action and then restoring it later to the earlier point in time.”
QuickBooks Online does have an audit log which tracks all actions taken. But that doesn’t serve the same purpose, Piatt said, as “having that air gapped kind of second copy of something that you can keep with separate authorization to get into it and access it.”
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