Acronis raises $147M from Goldman Sachs to expand its cyber security services
When you hear the name Acronis, chances are you’re thinking about products like its disk cloning tool True Image or maybe its backup services. The company, though, wants you to think about cyber protection and all of its products (and their marketing) are now focused on this direction. To expand on this vision, the company has now raised $147 million from Goldman Sachs at a valuation over $1 billion.
The company says it will use the funding to expand its engineering teams in Singapore, Bulgaria and Arizona, as well as to build new data centers and acquire other companies to fast-track its product development. The company also plans to invest in its business growth, specifically in North America, through its recently launched partner (and former Acronis business) Arconis SCS, which focuses on selling to the U.S. public sector.
“We are excited about Goldman Sachs‘ investment,” said Serguei Beloussov, founder and CEO of Acronis . “In 2018, Acronis achieved 20% business growth, and in 2019 it is on track for over 30% growth with the Acronis Cyber Cloud business growing by over 100%. Recently we announced the Acronis Cyber Platform, enabling third-parties to customize, extend, and integrate our cyber protection solutions to the needs of their customers and partners. The investment round led by Goldman Sachs will help us to fast-track the product development through acquisitions of companies and additional resources, and accelerate the growth.”
While you may not necessarily think of Acronis as a cybersecurity company, it has made quite a few strides in this direction and the Switzerland- and Singapore-based company’s products are currently in use by 80 percent of the Fortune 1000. With this new war chest of $147 million, chances are we’ll see Acronis pick up quite a few smaller companies in the near future as it looks to expand its product portfolio and strengthen its brand.