OpenText has entered into a definitive agreement to acquire Carbonite for $1.42 billion.

The deal has OpenText paying $23 per share in cash for Carbonite. Steve Munford, Interim CEO, President/executive Chairman of the Board of Carbonite, said multiple parties had expressed interest in buying his firm.

The enterprise information management software and solutions firm entered into the deal to bolster its position in cloud platforms, complete end-point security and protection and to open a new route to connect with customers, through Carbonite’s marquee SMB/prosumer channel and products, said Mark Barrenechea, OpenText CEO & CTO.

The transaction is expected to close within 90 days.