Cloud data management startup Druva moved on its previously hinted plans to acquire CloudLanes, which provides hybrid cloud data protection and migration that enables seamless and secure movement of data from on-premises to cloud. Financial terms of the deal, which were first hinted at last month, were not released.

The company noted in a press release that the deal is about “bringing enterprises the ability to keep data readily available on-site, while leveraging SaaS-based business continuity, short recovery windows, and greater workload mobility to reduce costs by up to 50%.”

CloudLanes software provides two principal functions: cloud storage gateway and autonomous processing, and transformation of data within the public cloud. It does this by ingesting data from on-premises locations and securely transporting that data to the cloud. The company was founded in 2016, and has seen financial backing from Cervin Ventures and Microsoft Ventures.

“Enterprises are now seeing first hand the challenges of hybrid cloud solutions that are increasingly inflexible with today’s cloud-driven world,” said Druva Founder and CEO Jaspreet Singh in a press release. “Current hybrid solutions are trying to forklift legacy to cloud, but organizations need solutions that are born in the cloud and bring cloud functionality closer to the data center. The addition of CloudLanes will help us extend the advantages of cloud to more enterprises at the edge, bringing greater access to data, enhanced protection, and help accelerating growth through simple and reliable data protection.”

The move is the latest by Druva to further expand its cloud storage and data management capabilities as it competes in the storage and management space against companies like Rubrik and Cohesity.

Druva last year acquired startup CloudRanger, which provides Amazon Web Services (AWS) backup and disaster recovery, for an undisclosed price. That was followed by a partnership with AWS to offer Druva’s Cloud Platform on AWS Snowball Edge, the cloud giant’s data transfer and compute device.

The company last month raised $130 million in late-stage funding that pushed its total capital raised to $328 million and its valuation past $1 billion.

Singh at that time said the company did not plan on raising any additional funding and that it was on track to reach $100 million in annual recurring revenue this year. He did hint that an initial public offering is likely in the company’s future.

“We feel a public offering is likely Druva’s most appropriate course, but we are focused on continuing our global expansion and supporting customers as they prepare for the cloud era given the rapid market growth,” Singh said. “We will monitor industry conditions and make decisions based on what best positions Druva for future growth and success.”