Kaseya, a Dublin, Ireland-based automation software provider company, announced it has raised $500 million in private equity funding at a $1.75 billion valuation. With this additional capital, Kaseya is planning to make strategic acquisitions, expand internationally, and fund R&D spending.
The participants in this round include private equity firms TPG and Insight Venture Partners. Insight has been a majority owner of Kaseya since 2013.
And TPG made the investment through three of its funds including TPG Growth, TPG Tech Adjacencies (TTAD), and TPG Sixth Street Partners (TSSP).
“We are very excited about our investment in Kaseya’s future growth,” said TPG partner Nehal Raj in a statement. “Kaseya is a leading player in today’s rapidly growing IT infrastructure management market, offering best-in-class, integrated technology at a compelling price point. The company’s innovative products, skilled management team, and strong customer base position them well for continued success, and we look forward to working together to build and enhance the platform.”
Under the leadership of CEO Fred Voccola, Kaseya has been aggressively pursuing a number of deals. For example, Kaseya has either acquired or invested in IT Glue, RapidFire Tools, Spanning Cloud Apps, Vorex, Unigma, and Unitrends, according to ChannelE2E.
Voccola pointed out that the investments validate Kaseya as “the only industry player that can offer these innovative, integrated solutions from a single pane of glass.”
Kaseya has been growing at a rapid pace as it saw a 30% increase in 2018. Now the company serves over 40,000 customers worldwide and its software manages more than 10 million endpoints worldwide.
ID Agent Acquisition
Recently, Kaseya announced it is acquiring ID Agent — which is a threat intelligence and identity monitoring company. With this deal, Kaseya is able to offer infrastructure protection.
“What Kevin Lancaster (ID Agent CEO) and his team have built with ID Agent is truly outstanding, and its offerings are a natural fit for Kaseya’s customers,” added Kaseya CEO Fred Voccola.
ID Agent’s products include Dark Web ID and BullPhish ID. ID Agent Dark Web ID is able to monitor stolen employee and customer data. And ID Agent BullPhish ID is able to simulate phishing attacks for educating employees.
“The marriage of ID Agent with Kaseya’s existing security stack will give external and internal service providers greater opportunity to be leaders in cybersecurity protection by staying ahead of emerging threats with powerful, cost-effective services,” explained Lancaster.
Kaseya’s revenues are unknown. But Voccola is projecting that Kaseya is able to hit $1 billion in sales per year within four years.