One of the largest private equity funds in the world is plowing $250 million into a Swiss-Singaporean security firm.
Acronis, based in Schaffhausen and Singapore, raised the funding from CVC, it said in a statement on Tuesday. The fintech, which plans to use the money to expand partner network, said the move gives it a valuation of more than $2.5 billion, without detailing the financial specifics behind this estimate.
CVC's Swiss Foray
CVC's funding eclipses a $147 million funding round two years ago from investors led by Goldman Sachs. Acronis was targeting a 50 percent rise in revenue last year, from $600 million in 2019, CEO Serguei Beloussov told finews.asia in June.
Its full profit accounts aren't public. Acronis had previously planned a public stock listing as soon as next year. On Tuesday, the fintech said isn't ruling out the move.
At nearly $36 billion in assets, CVC is the seventh-biggest private equity firm in the world. Its investments include Premiership Rugby and Swiss watchmaker Breitling.
Stock Listing Planned
Acronis said it will keep investing hiring technical talent for its research and development centers in Bulgaria, Israel, and Singapore, as well as Switzerland and the U.S. It will use CVC's funding to support its cloud partners with more sales and marketing resources, faster and localized technical support, dedicated partner success managers, and local data centers.
The 18-year-old company says it has profitable since selling part of its business to an outside firm in a secondary transaction for $11 million in 2004. Beloussov and co-founder Ilya Zubarev have until now held more than 70 percent of the company; the ownership mix is no longer disclosed.
