Key Takeaways
- • EQT acquires a majority stake in Acronis, a cybersecurity firm specializing in data protection and integrated security solutions, at a valuation exceeding $3.5 billion (with some sources indicating ~$4 billion).
- • Acronis has demonstrated significant growth, expanding from 10,000 service providers in 2021 to 20,000 today, while business customers grew from 500,000 to 750,000; cloud business annual recurring revenue is growing at 40%.
- • Existing investors including BlackRock, CVC, and Springcoast remain as minority shareholders, while founders Serg Bell and Stanislav Protassov retain material stakes in the company post-transaction.
- • The deal reflects sustained institutional investor appetite for cybersecurity assets, with Acronis having raised over $600 million in prior equity and debt financing and achieving profitability as of 2021.
- • Acronis employs 2,000 personnel and serves managed service providers and corporate IT teams globally, positioning the company in the high-growth data protection and cloud security markets.
Summary
EQT, the Swedish investment firm, has acquired a majority stake in Acronis, a cybersecurity company focused on data protection, cloud, and integrated security solutions for managed service providers and corporate IT departments. While the exact stake size and enterprise value remain undisclosed, EQT and Acronis confirmed that the deal values the company above its last disclosed $3.5 billion valuation from a 2022 investment round, with some market sources indicating the transaction values Acronis at approximately $4 billion.
The transaction underscores continued institutional capital concentration in the cybersecurity sector. Acronis has demonstrated measurable growth across its customer base and recurring revenue streams. The company now serves 20,000 service providers and more than 750,000 businesses, up from 10,000 service providers and 500,000 business customers in 2021. Management disclosed that Acronis' cloud business is generating annual recurring revenue growth of 40%, a metric that typically appeals to growth-focused investment firms. The company's headcount has expanded to 2,000 employees from 1,700 in 2022.
Importantly, existing investors retain minority positions in the restructured capitalization. BlackRock, CVC Capital Partners, and Springcoast remain as minority shareholders, while company founders Serg Bell and Stanislav Protassov have negotiated to retain material ownership stakes. This structure—where growth capital combines with founder and existing investor retention—suggests confidence in management's ability to execute on identified value creation opportunities.
Acronis achieved profitability by 2021 and has accumulated over $600 million in prior equity and debt capital, indicating both investor confidence and operational viability prior to EQT's entry. The firm's positioning in managed security services and data protection, combined with accelerating cloud revenue growth, positions it to benefit from enterprise and SMB demand for integrated security solutions across hybrid environments.
The transaction underscores continued institutional capital concentration in the cybersecurity sector. Acronis has demonstrated measurable growth across its customer base and recurring revenue streams. The company now serves 20,000 service providers and more than 750,000 businesses, up from 10,000 service providers and 500,000 business customers in 2021. Management disclosed that Acronis' cloud business is generating annual recurring revenue growth of 40%, a metric that typically appeals to growth-focused investment firms. The company's headcount has expanded to 2,000 employees from 1,700 in 2022.
Importantly, existing investors retain minority positions in the restructured capitalization. BlackRock, CVC Capital Partners, and Springcoast remain as minority shareholders, while company founders Serg Bell and Stanislav Protassov have negotiated to retain material ownership stakes. This structure—where growth capital combines with founder and existing investor retention—suggests confidence in management's ability to execute on identified value creation opportunities.
Acronis achieved profitability by 2021 and has accumulated over $600 million in prior equity and debt capital, indicating both investor confidence and operational viability prior to EQT's entry. The firm's positioning in managed security services and data protection, combined with accelerating cloud revenue growth, positions it to benefit from enterprise and SMB demand for integrated security solutions across hybrid environments.
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