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Data Management Tech Provider Ataccama Raises $150M From Bain Capital
The company will apply the funding to accelerating R&D efforts around its data management and data governance software and continue its global expansion.
Unified data management and governance technology developer Ataccama has raised $150 million in a growth capital funding round, financing the company will invest in new product development and go-to-market efforts.
The funding came from Bain Capital Tech Opportunities, which acquired a minority stake in the Toronto-based company, according to Ataccama. This is Ataccama’s first financing round.
The funding comes as Ataccama reports significant growth. The company doubled its annual recurring revenue in 2021 and added a new customer every three days during the first quarter of fiscal 2022. The company added 150 employees to its workforce in 2021 for a total of 450.
Ataccama, spun off from Adastra in 2007, develops the Ataccama ONE unified data management platform with data governance, data catalog, data quality and master data management functionality that works across hybrid and cloud environments.
The company said it has significantly expanded its footprint in the banking, financial services, insurance, life sciences, healthcare and retail industries. Customers include TIAA, BlueCross BlueShield, and T-Mobile.
“Large organizations are struggling to scale and decentralize their data initiatives and enable data democratization, while at the same time keeping their data under control from a quality, governance, privacy and security perspective,” said Ataccam CEO Michal Klaus, in a statement. “Ataccama ONE Gen2 provides a seamless way to empower both technical and less technical ‘data people’ across the organization to create high-quality, governed, safe and reusable data products. This has propelled Ataccama’s growth in annual recurring revenue and client retention.”
Ataccama said it will apply the new funding to “strengthen the company’s go-to-market engine,” accelerate product R&D and innovation work, and continue its global expansion. The company recently opened an office in Melbourne, Australia.
“Businesses require better and more actionable data to remain competitive in today’s evolving marketplace, and they understand this requires stronger collaboration between IT and business analysts,” said Dewey Awad, a managing director at Bain Capital Tech Opportunities, in a statement. “Ataccama’s cloud-friendly, best-in-class platform makes it simple for technical and non-technical roles to collaborate on data quality and governance. Demand for the platform has driven a significant increase in the company’s average deal size, fueling incredible momentum. We see a significant runway for further growth.”