As cybersecurity continues to grow in an increasingly complex and dangerous landscape of malicious activity, a cybersecurity provider specializing in ‘all-in-one’ services covering many aspects of security, IT has closed an important funding cycle to develop.
Acronis has raised $ 250 million in equity, and co-founder and CEO Sergei Beloussov said in an interview that the company plans to use the funding both to grow organically, as well as for acquisitions to bring more “proactive” technology to its portfolio. The funding is led by CVC and values Acronis at over $ 2.5 billion.
Originally a spin-off from the parent company of virtualization giant Parallels, Acronis first made a name for itself in data recovery and backup but has done so over time, and for better differentiate itself from competitors like Commvault, Veeam and Barracuda (among others), it has expanded to provide an all-in-one set of services including continuous data protection, patch management, anti-malware protection and more again.
Integrating with a range of popular enterprise software packages, platforms and service providers, its business is now profitable, with some 10,000 managed service providers and 500,000 enterprises (SMBs and up) among its customers.
“We didn’t need this money, but now we’re going to invest it to grow faster and capitalize on our leadership,” Belusov said in an interview.
New Wave revenue, based on its newer (and non-legacy) products such as Acronis Cyber Protect, grew by 100% during the pandemic, he added. “We are suntil they fund engineers and mergers and acquisitions to complement our cyber protection, ”he said. “We have one mission, which is to protect all data applications, providing privacy and security in one package. Today we are protecting around 10 million workloads and aim to grow them 100 times. There is much that can be done to make this protection easier and more in-depth for our clients. “
He said if the company continues to stay private, it is also starting to think about its next steps, which could involve a public listing or sale, in the next 12 to 24 months.
“With private equity investors like Goldman Sachs [which led its previous round in 2019] and CVC, they certainly expect liquidity at some point, ”Belusov said.
Acronis’ funding and strategy to double the growth of its business comes at a key time in the cybersecurity world. The larger landscape of the business world has seen a huge change over the past year for more people working remotely and across a wider range of geographies and devices. Although this change was driven by the Covid-19 pandemic, many believe the longer-term effect will be a very different work environment, with greater acceptance that fewer people will be spending all of their time in their homes. offices, and that this will not necessarily affect productivity.
This had an impact on how the IT department provisions and manages the networks and devices that run on them, and specifically highlighted some of the loopholes in the company’s cybersecurity policies. Malicious hackers, who were working hard long before the pandemic, jumped on it and exploited it.
Acronis was one of the companies that saw a growing demand for its services as a result of all of this, with Acronis software sold through managed service providers experiencing particular growth.
“The past year has definitely made customers realize that IT is mission critical and it is for every business,” Belusov said, with security coming with that by association. With security, however, organizations have realized that “management by internal resources is not always ideal, so outsourcing to special service providers can guarantee service levels. With in-house IT people, you can only yell at them, and that’s good because they’re used to it. Third parties, on the other hand, operate with service level agreements that are easier to enforce if something goes wrong.
“Acronis’ talented management and R&D teams have invested significant resources in the development of an innovative cloud-native ‘MSP in a box’ solution, with integrated backup, disaster recovery, cybersecurity tools, remote management and workflow, ”said Leif Lindbäck, senior managing director of CVC Capital Partners. “Acronis provides mission-critical solutions to more than 10,000 MSPs and half a million small and medium businesses. CVC has a solid background in cybersecurity and partnering with successful entrepreneurs, and we look forward to teaming up with Serguei Beloussov and the Acronis team to accelerate the growth of the business. “