Where to put the blame
1. blame end of Dell OEM
2. blame sales force mismatch
3. blame headcount
4. blame enterprise pricing strategy
Commvault is a good product and stands out against its peers, notably Symantec's NetBackup, EMC Networker and IBM's TSM (the latter of which is horrendously expensive), but the volume business is elsewhere with products like Veeam, Appassure, vRanger, Acronis and Actifio and for small-medium businesses, that's where the volume is - and those products are available at a significantly lower cost.
Commvault has a level of complexity that is just too much for the small-medium business space and unfortunately the enterprise space is not where the appears to be.