CVC leads growth investment in Acronis

The deal values Acronis at $2.5bn, according to a statement. Acronis intends to use the fresh capital to expand its cloud partner network.

Other investors participating in the round were small strategic players, a source close to the situation told Unquote.

CVC is deploying equity via CVC Capital Partners VII, which held a final close in June 2017 on €15.5bn. The fund makes investments of €100m-1bn, with a sweet spot of €300-500m, targeting companies in Europe and the US with enterprise values of €500m-5bn.

In August 2020, Acronis' chief strategy officer, Gaidar Magdanurov, told Unquote sister publication Mergermarket that the company was seeking data security, privacy and cybersecurity targets to expand its product portfolio. Magdanurov said the company would be likely to spend around $10m per add-on, although there would be no limit on the size of cashflow-generative targets.

The report added that the company expected to post revenues of around $300m in 2020.

Previous funding
Goldman Sachs led a $147m funding round for Acronis in 2019. The company was valued at $1bn at the time, Acronis said in a statement.

Company
Acronis was founded in 2003 in Singapore and subsequently incorporated in Switzerland in 2008. It is now headquartered in Schaffhausen, Switzerland. Acronis is a cybersecurity and backup software developer. The company's Acronis Cyber Protect software serves managed IT services providers (MSP) and SMEs. It has operations in Bulgaria, Israel, Singapore, the US and Switzerland, with local data centres in 111 locations.

People
Acronis – Serguei Beloussov (founder, CEO).
CVC Capital Partners – Leif Lindbäck (senior managing director).

Advisers
Equity – GCA Altium (M&A).

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