Tech firm Fivetran has raised $565 million in funding (about Rs 4,161.8 crore) led by Andreessen Horowitz (a16z).
The series D round also saw participation from existing investors - General Catalyst, CEAS Investments, Matrix Partners, and others, along with new investors ICONIQ Capital, D1 Capital Partners and YC Continuity, a statement said.
Fivetran has raised $730 million to date, and its valuation now stands at $5.6 billion.
George Fraser, CEO of Fivetran, said, the funding gives Fivetran the resources to expand its capabilities across all functions of the business and continue to accelerate its growth globally.
The California-headquartered automated data integration solutions provider also stated that it has entered into a definitive agreement to acquire HVR, a provider of enterprise data replication technology.
The acquisition will allow Fivetran to provide breakthrough database replication performance along with enterprise-grade security to address the massive market for modernising analytics for operational data associated with ERP systems, Oracle databases, and more, the statement said.
The combination of Fivetran and HVR complementary technologies will accelerate Fivetran's mission to make access to data simple and reliable.
The acquisition a cash and stock deal, valued at $ 700 million, will help the startup's customers gain access to a broader range of high-performance data replication solutions, including HVR's change data capture connectors and a secure, on-premise option for companies with legacy databases, the statement said.
The combined skills of both companies' technical teams will enable them to offer the most robust modern data integration solution for any-sized organisation, it added.
Fivetran's customer roster includes thousands of global companies such as ASICS, Autodesk, BJ's Restaurants, Conagra Brands, DocuSign, Forever 21, Lionsgate, Square and Ziff Davis. HVR's customers include dozens of Fortune 500 brands.
The transaction has been approved by the Boards of Directors of both companies, though finalisation of Fivetran's acquisition of HVR is subject to customary approvals.
The deal is expected to close in early October.
"Their (HVR) product is the perfect complement to our automated data integration technology and will be instrumental for us to help enterprise organisations that want to improve their analytics with a modern data stack, Fraser said.
Vikram Labhe, Vice President and Managing Director of Fivetran India, said the company has been in India since its formative stages when there were 10 people globally. The company had set up an office in Bengaluru.
"Since then, we have observed the prodigious growth in the adoption of data-driven cloud technologies in India. As the country transforms rapidly, sectors like banking, retail, ecommerce, insurance, and digital entertainment have seen rapid and unchartered growth in data -- even surpassing the global average," he added.
Labhe noted that the advent of next-generation data technology including Artificial Intelligence (AI), machine learning, IoT, Virtual and Augmented reality, and the emergence of hyperscale public cloud providers in India is set to reinforce the country's trajectory and position in the global market.
"With the strong market demand fuelled by the needs of India's data-driven organisations, we expect our India business to grow rapidly over the next few years. This funding and acquisition announcement positions Fivetran ideally to support our growth through strong engineering, customer support, sales and business development teams in India," Labhe said.
Edited by Megha Reddy
Link : https://yourstory.com/2021/09/funding-fivetran-raises-65million-acquire-hvr
Author :- Press Trust of India ( )
September 21, 2021 at 10:08AM
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