In conversation with Ezequiel Steiner, Business President, Acronis about how the company plans to grow, as the company successfully raised $250 million funding from its key investors
Elaborate on Acronis raising investment from one of the leading firms.
Acronis has received more than $250 million funding from CVC Capital Partners VII and other investors. The additional capital will support the company’s hyper growth strategy, including increased investment in research and development, strategic acquisitions, and expanding its network of service providers. We are growing rapidly as a result of high demand for our cyber protection products and efficient business model of delivering solutions through more than 10,000 service provider partners.
How did the first two investments aid Acronis in landing the third investment?
Our first funding round was in 2004 led by Insight Partners from which Acronis raised $11 million. In 2019, Acronis announced a $147 million investment led by Goldman Sachs. That funding round set the valuation of the company to more than $1 billion and enabled Acronis to expand its engineering teams in Singapore, Bulgaria, and Arizona; build additional data centers; and grow through acquisitions of companies like DeviceLock and Synapses. We now have more than 1,600 employees working in 33 locations around the world.
Please describe the valuation of Acronis before and after the investment and what will the funding be used for?
Acronis’ valuation following the 2019 investment was roughly $1.2 billion. Following the most recent funding round, led by CVC Capital Partners VII, it is more than $2.5 billion.
The funding will be used to support investing more resources into staffing by expanding our global sales team, partner account management and partner success teams, and research and development centers in Bulgaria, Israel, Singapore, Switzerland, and the United States.
It will also come to aid in strategically acquiring companies and technologies that can enhance Acronis’ cyber protection products with new capabilities and integrations. The funds will support fostering the creation of new cyber protection integrations across the development channel by engaging with more third-party developers and ISVs through the Acronis Cyber Platform. We also expect to recruit and enable more service providers, particularly managed service providers (MSPs), to meet the cyber protection requirements of their clients, while ensuring they have the tools and support needed to build a strong and profitable MSP business.
What is Acronis’s acquisition plans for the future?
Our growth target is 50%+ overall for the near future, with some segments of the company already achieving significantly higher growth, and we will continue to consider companies that accelerate the completion of our product vision around the five vectors of cyber protection: Safety, Accessibility, Privacy, Authenticity, and Security.