Acronis gets $333m funding, seeks to double S'pore headcount

Swiss-based cyber protection firm Acronis has drawn more than US$250 million (S$333 million) in funding, much of which will be channelled to expanding its engineering headcount in offices in Singapore, Israel, Bulgaria and the United States.

Announcing this yesterday, the Singapore-founded company said that the funds will also go towards marketing efforts and building data centres.

Acronis was founded in Singapore in 2003 and incorporated in Switzerland in 2008. It has more than 1,600 employees across 18 countries.

The funding, led by private equity firm CVC Capital Partners, will take Acronis' valuation to over US$2.5 billion. It previously raised US$190 million in 2019, which was led by Goldman Sachs.

Founder and chief executive Serguei Beloussov, in a virtual interview with The Straits Times, said that Acronis will look to double its headcount in Singapore, where over 200 employees are based, with most of them working in research and development (R&D) functions.

Singapore is also home to the firm's largest business office and its second largest engineering office after Bulgaria, and also serves as its international headquarters. Its corporate headquarters is in Switzerland.

Overall, about two-thirds of the company's expected hiring globally will be for more technical roles such as engineering, where it seeks to double its headcount of about 1,000 in the next three years.

The remainder of the hiring will focus on front-office operations, such as partner account managers.

Acronis provides data protection and cyber-security services in its integrated solutions, which are used by over 500,000 companies, as well as more than 5.5 million consumers.

Mr Beloussov, who moved to Singapore in 1993 and became a naturalised citizen in 2001, said Singapore has a rich pool of talent, especially with its investments into science and technology over decades, and it will continue to play a key role in the company's growth.

Mr Leif Lindback, senior managing director of CVC Capital Partners, said that Acronis has invested significant resources in developing an innovative solution with integrated backup, disaster recovery, cyber-security and other tools, and provides critical solutions to numerous managed service providers and businesses.

Addressing a question on Acronis' possible plans to go public, Mr Beloussov said: "We can't comment on this in detail, but we're definitely looking into listing on one of the stock exchanges in the next 24 months, but there could also be a (mergers and acquisitions deal)... there are many other ways we can go about it."

But while going public is one likely avenue as the firm continues on its growth trajectory, it is not the end goal for the company, which is to protect all data applications and systems, he added.

A version of this article appeared in the print edition of The Straits Times on May 05, 2021, with the headline 'Acronis gets $333m funding, seeks to double S'pore headcount'. Subscribe