Cybersecurity firm Acronis becomes Russia's second unicorn this year

Cybersecurity firm Acronis becomes Russia's second unicorn this year
Cybersecurity firm Acronis becomes Russia's second unicorn this year with a $1.5bn valuation
By bne IntelliNews September 19, 2019

Cybersecurity software company Acronis, founded by Sergei Belousov and Ilya Zubarev, sold just under 10% of its shares for $147mn in the first investment round organised by Goldman Sachs that implies a valuation of at least $1.47bn, Vedomosti and Kommersant dailies reported on September 18.

Acronis became the second IT unicorn with Russian roots in 2019, following the acquisition of Luxoft by DXC Technology for $2bn.

Swiss-registered Acronis will use the funds raised to finance growth through acquisitions and other business development, according to Belousov. Belousov and Zubarev still control 70% of the company founded in 2003 and makes two thirds of if revenues in Europe and the US, according to The Bell. The company employs about 1,400 people in 14 countries and could grow by 30% in 2019.

Belousov and Zubarev also previously sold another start-up Parallels to Canadian Corel for an undisclosed amount and founded a venture fund Runa Capital that has invested in more than 60 companies and completed 12 exits. Runa Capital’s latest deal was the sale of Nginx to American F5 Networks for $670mn.

As reported by bne IntelliNewsRussian venture capitalists are more focused on foreign projects. Investment abroad with Russian VC participation amounted to $860mn in 1H19, beating the volume of domestic investment of $248mn by three and half times.

 

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