Kaseya, which is based in Dublin and backed by the government of Ireland has received an investment of over $500m to help accelerate growth, including through acquisitions. Investors include TPG, a global alternative asset firm, and Insight Partners, an existing investor in the company.
The company grew around 30% in 2018 through increasing its customer base to around 40,000 customers worldwide, as well as completing and integrating four major acquisitions, including Unitrends, Spanning Cloud Apps, RapidFire Tools and IT Glue.
“Technology is becoming more critical for small- to mid-size businesses every day, and whether they receive it from a managed service provider or their own internal IT department, they want more efficient solutions that yield greater results,” said Fred Voccola, CEO of Kaseya. “TPG will help us explore opportunities to continue our growth and deepen our commitment to the market, our products and our customers’ success. This investment validates our position as the only industry player that can offer integrated solutions from a single pane of glass.”
Nehal Raj, partner at TPG, said: “Kaseya is a leading player in today’s rapidly growing IT infrastructure management market, offering best-in-class integrated technology at a compelling price point.”
The managed services market is expected to grow from $180bn currently to $282bn by 2023, a compound annualised growth rate of 9.3%, according to market research firm MarketsandMarkets.
Shortly after the funding announcement, Kaseya confirmed it had acquired ID Agent, a US threat intelligence and identity monitoring provider for an undisclosed sum. With the deal, Kaseya enhances its IT security management suite by adding end-user protection to its existing infrastructure protection suite.
ID Agent’s products include Dark Web ID, a dark web monitoring platform, and BullPhish ID, a phishing simulator and security awareness training platform.
“By utilising Kaseya’s IT Complete Security Suite, SMBs and the MSPs who service them, can completely protect their user networks and sensitive data from cybercriminals, ransomware and other malicious attacks,” said the vendor.
ID Agent will continue to operate under its existing brand as an independent business-unit based out of its headquarters in Bowie, Maryland.