Acronis Inc., a leading provider of cybersecurity and data protection software, secured $250 million in funding at a valuation exceeding $3.5 billion.
The funding round was the first reported by Bloomberg on Tuesday. Acronis confirmed Blocks and Files news today.
Acronis, based in Switzerland, provides a cloud platform, Acronis Cyber Protect Cloud, which promises to facilitate the work of managed service providers. A managed service provider is a company that helps other organizations manage their IT infrastructure. According to Acronis, its platform enables these companies to secure their customers’ IT systems and back up corporate data to ensure it remains available in the event of an outage.
Acronis Cyber Protect Cloud provides functionality to detect malware in corporate networks. It can also block spam and phishing attempts targeting company employees, as well as detect unauthorized attempts to download sensitive data from internal applications. When Acronis Cyber Protect Cloud detects a breach, it collects technical data about the incident to aid cybersecurity investigations.
Along with its cybersecurity features, the platform offers tools to protect data against failures. It allows managed service providers to create backup copies of their client companies’ records and recover them in the event of a failure. Acronis also offers related features, including the ability to automate some of the manual tasks involved in the file recovery process.
According to Acronis, the fact that its platform offers cybersecurity and data protection features in a single offering can simplify IT operations for customers. Usually, companies buy cybersecurity and data protection tools from different software manufacturers. Using a single product is theoretically more convenient because it makes day-to-day tasks like downloading updates easier, while streamlining provisioning.
Acronis says its platform is used by more than 20,000 managed service providers. The company also sells two other software products, aimed at businesses and consumers, which also combine cybersecurity features with data protection tools. According to Acronis, its software is used by more than 750,000 businesses and 5.5 million consumers worldwide.
Acronis’ $250 million funding round was led by a group of anonymous institutional investors. On Tuesday, Bloomberg quoted sources as saying the round included BlackRock’s participation. The round comes about a year after Acronis firm another funding round of $250 million.
Acronis plans to use its new funding to grow its sales and marketing teams, make acquisitions, and support ecosystem partners. In January, the company improved its partner program with multiple enhancements, including new product training resources and expanded go-to-market support.
Acronis’ latest cycle comes less than a year after OwnBackup Inc., a data protection startup, raised $240 million in funding at a $3.5 billion valuation. Another market player, Cohesity Inc., achieved a valuation of $3.7 billion in 2021 following a $145 million stock sale.