K1's strategic investment established Axcient
as a BCDR leader, and the firm will have realized over
$1.8B of liquidity in the past ten
months
MANHATTAN BEACH, Calif. ,
Sept. 10,
2024 /PRNewswire/ -- K1 Investment Management, LLC
("K1"), one of the largest investors in small-cap enterprise
software companies, today announced that its portfolio company
Axcient, a provider of advanced business continuity and disaster
recovery (BCDR) solutions for managed service providers (MSPs), has
entered into a definitive agreement to be acquired by ConnectWise,
with the transaction expected to close in the coming weeks.
Following K1's initial investment, Axcient focused on
customer-driven innovation and strategic growth, resulting in
annual recurring revenue growing by 7.5x over its investment
period. During the partnership, K1 facilitated the strategic add-on
acquisitions of Anchor, Cloudfinder and Replibit, further enhancing
the company's market presence and product offerings, and
solidifying its position as a category leader in backup and
disaster recovery software.
"K1's partnership with Axcient has helped to transform the
company's product offerings and establish itself as a leader in the
BCDR space," said Taylor Beaupain,
Managing Partner at K1."Through our operational support and growth
initiatives, Axcient has continued to evolve its solutions,
positioning itself as a trusted name for MSPs globally."
The acquisition by ConnectWise seeks to further accelerate
Axcient's mission to protect MSPs and their clients from growing
cybersecurity risks, combining its BCDR expertise with
ConnectWise's comprehensive suite of IT management, cybersecurity,
and data protection solutions. Axcient's robust technology,
including its x360 platform, has earned industry recognition for
offering seamless, scalable protection to businesses of all
sizes.
"Axcient's partnership with K1 has been instrumental in scaling
the company's technology and expanding its reach," said
Rod Mathews, CEO of Axcient. "As we
join the ConnectWise family, we are excited to continue delivering
leading solutions that help MSPs protect their customers from
ransomware attacks and other disruptions."
With the sale of Axcient, K1 has now realized over $1.8 billion of liquidity in the past ten months
across its portfolio. This exit follows a series of successful
transactions, including the recent take-private of
MariaDB, the strategic growth investment in Board
Intelligence, and the sale of GoCanvas to Nemetschek Group
(FRA:NEM).
About Axcient
Axcient is an award-winning provider of
Business Continuity and Disaster Recovery (BCDR) solutions,
offering advanced cloud-based data protection services that ensure
businesses can recover quickly from disruptions. Axcient's
commitment to product innovation and strong partner support have
earned it a trusted reputation for MSPs.
About K1
K1 is one of the largest investors in
small-cap enterprise software companies. Headquartered in
Manhattan Beach, California, K1
partners with strong management teams of high-growth software
businesses, utilizing operationally-focused growth strategies to
rapidly scale portfolio companies. Dedicated to transforming
industries and driving productivity, K1 has collaborated with over
240 enterprise software companies since inception.
K1's exclusive focus, driven by its single team, single office,
and single fund strategy, has resulted in realizations for many of
its portfolio companies. Examples include Apttus (sold to
Thoma Bravo), Buildium (sold to
RealPage, NASDAQ: RP), Certent (sold to insightsoftware), Checkmarx
(sold to Insight Partners and Hellman & Friedman), Clarizen
(sold to Planview), FMG Suite (sold to Aurora Capital Partners),
GoCanvas (sold to Nemetschek Group, FRA: NEM), Granicus (sold to
Vista Equity Partners and Harvest Partners), Inthinc (sold to
Orbcomm, NASDAQ: ORBC), Litera (sold to Hg Capital), Rave Mobile
Safety (sold to TCV; now owned by Motorola Solutions, NYSE: MSI),
TeamDynamix (sold to Level Equity), Unified (now owned by
iHeartMedia), WorkForce Software (now owned by Insight Partners and
Elliott Investment Management) and Zapproved (sold to Exterro).
For more information, visit k1.com and follow K1 Investment
Management on LinkedIn.
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SOURCE K1 Investment Management