The largest investment fund in the world bets on cybersecurity

In order to grow its business through acquisitions and employment, cybersecurity provider Acronis raised $250 million in fresh capital from institutional investors earlier this year. 

The new investment valued the business at more than $3.5 billion. BlackRock Inc. was one of the participants. 

After receiving an investment of $250 million from CVC Capital Partners VII and other parties in May 2021, Acronis’ previous valuation was $2.5 billion. It has also received money in the past from Goldman Sachs Group Inc. 

The funding announcement comes as companies like Klarna Bank AB lower their values in the face of rising interest rates. As tensions between Russia and the West over the invasion of Ukraine have fanned fears of attacks in NATO countries, demand for cybersecurity services has increased, benefiting the industry.

Acronis, which was established in Singapore in 2003 and became a Swiss corporation five years later, provides both enterprises and individuals with a range of cybersecurity and data protection products. It claims that 5.5 million home users and 500,000 businesses use its products. It has more than 2,000 workers and offices spread throughout 34 sites.