Acronis Inc., a major provider of cybersecurity and data protection software, has secured $250 million in funding at a valuation exceeding $3.5 billion.

The funding round was first reported by Bloomberg on Tuesday. Acronis confirmed the news to Blocks and Files today.

Switzerland-based Acronis provides a cloud platform, the Acronis Cyber Protect Cloud, that promises to ease the work of managed service providers. A managed service provider is a firm that helps other organizations run their information technology infrastructure. According to Acronis, its platform enables such firms to secure their customers’ IT systems and back up business data to ensure that it remains available in the event of an outage.

The Acronis Cyber Protect Cloud provides features for detecting malware in corporate networks. It can also block spam and  phishing attempts targeting a company’s employees, as well as spot unauthorized attempts to download sensitive data from internal applications. When the Acronis Cyber Protect Cloud detects a breach, it collects technical data about the incident to facilitate cybersecurity investigations.

Alongside its cybersecurity features, the platform offers tools for protecting data from outages. It enables managed service providers to create backup copies of their corporate customers’ records and recover them in the event of an outage. Acronis also offers related features, including the ability to automate some of the manual tasks involved in the file recovery process. 

According to Acronis, the fact that its platform offers cybersecurity and data protection features in a single offering can simplify IT operations for customers. Usually, companies purchase cybersecurity and data protection tools from different software makers. Using a single product is in theory more convenient because it eases day-to-day tasks such as downloading updates, while also streamlining procurement.

Acronis says that its platform is used by more than 20,000 managed service providers. The company also sells two other software products, for businesses and consumers, that likewise combine cybersecurity features with data protection tools. According to Acronis, its software is used by more than 750,000 businesses and over 5.5 million consumers worldwide.

Acronis’ $250 million funding round was led by a group of unnamed institutional investors. On Tuesday, Bloomberg cited sources as saying that the round included the participation of BlackRock. The round comes about a year after Acronis closed another $250 funding round.

Acronis plans to use its new funding to grow its sales and  marketing teams, make acquisitions and support ecosystem partners. In January, the company upgraded its partner program with multiple enhancements including new product training resources and expanded go-to-market support.

Acronis’ latest round comes less than a year after OwnBackup Inc., a data protection startup, raised $240 million in funding at a $3.5 billion valuation. Another market player, Cohesity Inc. achieved a valuation of $3.7 billion in 2021 following a $145 million equity sale

Image: Acronis

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