Actifio Thinks Big: New $106 Million Funding To Expand Growth, Prep IPO
Actifio, a developer of Data-as-a-Service technologies, Tuesday said it has closed a huge new round of funding worth $106 million.
That funding, along with previous funding, brings total investment in the company to $341 million and gives the Waltham, Mass.-based company a total valuation of over $1.3 billion.
This new funding round will likely be the last private equity raised by Actifio, said Ed Durkin, the company's CFO.
"We don't expect any more private capital raises," Durkin told CRN. "This gets us to cash-flow-positive with plenty of cushion."
It also makes Actifio an IPO candidate, Durkin said.
"We are approaching a revenue run rate of over $100 million," he said. "That's in line with the revenue of other companies that have had IPOs. We remain focused on growing the business but will take advantage of market conditions as they happen."
The latest round of funding will go toward expanding Actifio's global growth and building out its enterprise data platform, Durkin said.
Actifio started off primarily as a developer of data backup and disaster recovery technology but is now much more, Durkin said. The company's technology is now used in DevOps and lets customers leverage any on-premises or cloud infrastructure for data orchestration and mobility.
"If a customer wants to stay on-premises, it can," he said. "But it helps them move to any cloud and provides cloud mobility so there is no cloud lock-in, And it provides rapid access to data from anywhere."
Actifio also provides cyber-resiliency so that if there is a major attack or breach of a customer's data, the customer can be back up and running in days instead of months, he said.
Actifio has a robust indirect sales channel as well as a couple of large vendor partners that take its technology to market, Durkin said. One of those, IBM, serves to bring Actifio technology to its customers and channel partners, and the two are also cooperating on DevOps technology.
The new round of funding is huge news for Actifio channel partners and customers, said Jeff Guenthner, director of solutions architecture at CMI, a Mill Valley, Calif.-based solution provider and Actifio channel partner.
"We're really excited," he said. "We love the platform. Our customers love it. It's more than just data backups. It offers a focus on management of the data across data centers and clouds, which is more important."
This is not the first time that Actifio has closed such a large round of funding. The company in March 2014 closed a $100 million round of funding that vaulted it into the $1 billion valuation group of IT firms.