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Vista Equity Partners Led Group Acquires Major Stake in Nasuni
A consortium led by Vista Equity Partners has reached an agreement to acquire a majority stake in the hybrid cloud storage provider Nasuni, valuing the company at approximately $1.2 billion. This transaction had been previously hinted at by Bloomberg News, and the official confirmation came through a statement released on Tuesday. The investment group includes significant contributions from KKR & Co. and TCV.
Nasuni's Expansion and Capabilities
Nasuni, founded in 2009 and based in Boston, offers a comprehensive platform that allows enterprises to store, protect, and collaborate on files seamlessly across different locations. The company's cloud-based solutions are utilized by over 850 businesses spanning 70 countries. Interviewed about this new infusion of capital, Nasuni's Chief Executive Officer Paul Flanagan expressed optimism, stating that the investment will accelerate the company’s goal of becoming a multibillion-dollar entity within a similarly sized market. With a background as CEO at IT systems integrator StorageNetworks and CFO at online print service provider VistaPrint, Flanagan is confident that Nasuni has the potential to evolve into a substantial publicly traded company.
Growth Trajectory
Nasuni announced in January that its annual recurring revenue surged by 30% in 2023, further bolstered by the addition of over 120 new enterprise clients, notably including Patagonia Inc., Autodesk Inc., and the state of Vermont. The company's recent performance underscores its accelerating growth and expanding market reach.
Investment and Partnership Landscape
Vista Equity Partners’ investment in Nasuni is channeled through its middle-market-focused Foundation fund. This fund recently partnered with Blackstone Inc. to acquire energy software provider Energy Exemplar. Additionally, Bain Capital recently agreed to purchase PowerSchool Holdings Inc., another Vista-backed education software provider, for around $5.6 billion.
Bank of America Corp. provided advisory services to Nasuni for the stake sale. This transaction adds a significant milestone to Nasuni's journey, emphasizing its robust growth strategy and the strong backing by leading investment firms.
Future Outlook
As Nasuni continues to scale its operations and expand its cloud solutions, the strategic investment by Vista Equity Partners, along with KKR & Co. and TCV, positions the company for amplified growth in an increasingly competitive market. The anticipated influx of capital and expertise from these major investors is expected to enhance Nasuni's technological innovations and market footprint, driving it towards achieving its ambitious goals.
