Singapore’s Acronis banks $147m in Goldman Sachs-led round at over $1b valuation

Acronis, a cybersecurity firm based in Singapore and Switzerland, has received US$147 million in an investment round led by investment banking giant Goldman Sachs, pushing its valuation to over US$1 billion.

Acronis founder and CEO Serguei Beloussov / Photo credit: Serguei Beloussov

Founded in 2003, Acronis specializes in backup, protection, disaster recovery, and enterprise file syncing and sharing solutions. Its products are available through 50,000 partners and service providers in over 150 countries in more than 20 languages, according to a statement.

The company plans to use the new funds to build additional data centers, bankroll acquisitions, and grow its engineering teams in Singapore, Bulgaria, and Arizona.

Through the increased engineering capabilities, Acronis said it will be able to accelerate the development of its products, which include solutions for data safety, cyber protection, data storage, and cloud computing.

It also plans to bolster the growth of its North American business in partnership with Acronis SCS, an independent software vendor and distributor for the public sector.

“In 2018, Acronis achieved 20% business growth, and in 2019 it is on track for over 30% growth with the Acronis Cyber Cloud business growing by over 100%,” according to Serguei Beloussov, founder and CEO of Acronis. The company also recently said that it has generated a revenue of around US$200 million in 2018, which it expects to climb this year.

See also: The Singaporean with a PhD, over 200 patents, and a billion-dollar cyberprotection firm

Cybersecurity has been rising as one of the top tech focus areas of the year for Southeast Asian tech leaders, according to a recent survey.

It was also recently reported that cybersecurity was part of Singapore’s priority industries in its push to become a global hub. The Monetary Authority of Singapore also announced a US$22 million Cybersecurity Capabilities Grant under the country’s Financial Sector Technology and Innovation Scheme to help spur advancement in the industry.