j2 Global Buys SugarSync

Los Angeles-based j2 Global has acquired the assets of online file backup and sharing service SugarSync, the company said this morning. Financial terms of the buy were not disclosed. j2 said the buy will expand its cloud backup revenues to more than a $70M annual run rate. j2 Global said the acquisition is not expected to be material to the company. SugarSync had been based in San Mateo, California, and had been venture backed by Coral Group, Draper Fisher Jurvetson, Hatteras Venture Partners, Hercules Finance LLC, Selby Ventures, and Sigma Partners, and had raised around $45M in funding.