JMI Equity, a growth equity firm focused on investing IT companies, invested $49 million in endpoint security software firm Avecto, headquartered in Manchester.
As part of the transaction, Jit Sinha, General Partner, and Suken Vakil, Principal, at JMI Equity will join the Board of Directors.
Apart from the UK, Avecto has offices in Boston, USA, Melbourne, Australia and Frankfurt, Germany. Since its inception in 2008 by entrepreneurs Mark Austin and Paul Kenyon, the company has demonstrated significant growth.
Avecto secured over 600 enterprise clients and added over 100 new customers per year for the past five years. Avecto has grown revenue over 50 percent on a compounded annual basis since 2012, and has grown profitably every year since the beginning.
“Avecto has solved a critical pain point with Defendpoint, which organizations around the globe recognize as effective security protection,” said Jit Sinha, General Partner at JMI Equity.
Suken Vakil, Principal at JMI Equity, noted that as a market leader in this space, Avecto has seen significant success with its product platform.
“We look forward to working with the Avecto team to build on its reputation for innovation and quality,” added Vakil.