EQT takes a majority stake in cybersecurity firm Acronis at $3.5B+ valuation
Reading Time: 2 minutesCybersecurity remains a white-hot space for investors. In the latest example of that demand, EQT has bought a majority stake in Acronis, a security company that specializes in data protection, cloud and integrated security solutions for managed service providers (which resell services to consumers) and corporate IT teams.
The size and value of the stake, as well as the enterprise value of Acronis are not being disclosed. EQT and Acronis say that the deal values Acronis higher than its last disclosed valuation, which was $3.5 billion, based on an investment in 2022. Some sources indicate that the actual valuation in this deal was around $4 billion.
Going forwarded, he added, the two founders will focus more on another project they have, the Constructor Group, with a focus on AI and metaverse applications.
This deal is long in the making and underscores how private equity continues to be a very common exit option for enterprise technology companies at a time when the IPO window largely remains closed.
Acronis has been around since 2003, originally getting its start in Singapore before reincorporating in Switzerland. It originally started as a spinoff of Russian-founded, virtualization specialist Parallels with a focus on data recovery and backup (which turns out was actually SWsoft, which rebranded in the name of its most popular product at one point). Over the years, it has expanded into a one-stop shop of servces that include continuous data protection, cloud security, endpoint protection, patch management, anti-malware, and more. Its competitors include Commvault, Veritas and others.
Acronis will continue to operate, now with major investment from EQT behind it.
‘We are thrilled to have EQT as a major shareholder to support our strategic expansion and share our vision for growth,’ said Ezequiel Steiner, current CEO of Acronis, in a statement. ‘We would like to thank our existing investors for their support to date and are pleased that many will remain invested as we move forward. But most of all, I’d like to thank the Acronis team for their work in getting us to this stage.’
‘Acronis is a strongly positioned cybersecurity and data protection software platform with a clear value proposition to Managed Service Providers,’ added Johannes Reichel, partner and co-head of technology for EQT’s PE team. ‘ advisory team, said: ‘EQT has followed the company’s journey for many years and continues to be impressed by its performance and innovative strength. We are very excited to partner with Acronis, the management team and existing investors on its next phase of growth.’
Ref: techcrunch
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