Unitrends Receives Major Growth Equity Investment from Insight Venture Partners Investment to support continued rapid growth
COLUMBIA, S.C., Oct. 31, 2013 /PRNewswire/ -- Unitrends, the leading provider of all-in-one backup, archiving, instant recovery and disaster recovery solutions, today announced that it has received a major growth equity investment from Insight Venture Partners, a leading global private equity and venture capital firm. Financial terms of the transaction were not disclosed.
"Unitrends is in a stronger-than-ever position to transform the way data protection is delivered," said Mike Coney, president and CEO of Unitrends. "The principles that the Unitrends brand is built on – our business-friendly model, product development and go-to market strategies, and laser-like focus on customer support – will remain unchanged. This foundation, combined with our partnership with Insight Venture Partners and its expertise in the software and technology industries, will enable us to accelerate our growth through the expansion of our existing offerings."
"Unitrends' proven track record of success has made it one of the fastest growing data protection vendors in the industry, known for its powerful, cost-effective and easy-to-use solutions," said Mike Triplett, managing director at Insight Venture Partners. "We are excited to partner with the Unitrends team and support their growth in existing and adjacent markets."
With the investment, Unitrends will continue building on its high-velocity momentum. 2012 closed as the most profitable year in the company's history, and Q3 2013 marked the company's 19th consecutive quarter of record growth. In 2013, to keep pace with its explosive financial success, Unitrends launched a major expansion into Europe, added to its customer support ranks at its Columbia, S.C., headquarters, and hired 125 new employees across all functional areas. Several prestigious awards programs have also recognized the company's tremendous growth, including the Inc. 500|5000, the Inc. Hire Power Awards and the American Business Awards/The Stevie® Awards, among others.
Unitrends' current executive team will continue to lead the company with a sustained commitment to the principles that have made it so successful over the past several years. Unitrends will continue to invest in its technologies and services that deliver heterogeneous data protection at the lowest total cost of ownership (TCO) in the industry, as well as invest in new product development and innovation. Unitrends' regionally-based customer support team, known for maintaining a customer satisfaction rating exceeding 98 percent, will also continue to be a key market differentiator for the company.
"We chose Insight Venture Partners specifically because of its incredible track record, its understanding of the business model and its portfolio of companies in our space. Our collective expertise will enable us to scale our business and continue to aggressively address the needs of midmarket IT organizations," Coney said.
RBC Capital Markets served as exclusive financial advisor to Unitrends for this transaction.
About Insight Venture Partners
Insight Venture Partners is a leading global private equity and venture capital firm investing in software, eCommerce, Internet, and data-services companies. Founded in 1995, Insight has raised more than $7.6 billion and made more than 190 investments worldwide. Insight's mission is to find, fund, and work successfully with visionary executives who are driving change in their industries. Insight provides them with practical, hands-on growth expertise to foster long-term success. For more information on Insight, visit http://www.insightpartners.com/.
The trusted provider of all-in-one backup solutions, Unitrends enables its customers to focus on their business instead of backup. The company's family of scalable, all-in-one appliances and software solutions for backup, archiving, instant recovery and disaster recovery protects corporate data, over 100 different versions of servers, operating systems (including Windows, Hyper-V, VMware, Mac OS, Linux, AIX, Solaris and many others), SAN, NAS, hypervisors (including Hyper-V and VMware) and applications (including Exchange, SQL, Oracle and many others). Unitrends is the preferred choice of IT professionals because the company sets the standard in virtual, physical and cloud server data protection with instant recovery that enables complete system recovery in less than five minutes while Unitrends' pricing offers the lowest TCO in the industry. Unitrends' regionally-based support team boasts a 98% customer satisfaction rate. Visit www.unitrends.com.
Jackie Gerbus for Unitrends, Inc.