State-backed Kaseya promises more Dublin jobs after $500m fundraise

Kaseya, a US technology company backed by the Irish State, is to create more jobs in Dublin after raising more than $500 million (€446 million) in a new funding round.

The company, which is headquartered in Dublin, announced plans to create up to 130 jobs in the Republic in late 2017 after securing a €19 million investment from the Ireland Strategic Investment Fund (ISIF).

Kaseya, a provider of IT infrastructure management solutions, said it is now valued at $1.75 billion following its latest fundraise. Investors included global alternative asset firm TPG and Insight Partners, a long-time backer of the company.

The company, which said it grew by more than 30 per cent last year, has about 40,000 customers globally. It recently embarked on a major acquisition drive that included deals for Unitrends, Spanning Cloud Apps, RapidFire Tools and IT Glue.

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“The latest round of funding will enable Kaseya to continue to expand our global footprint, make strategic acquisitions and ensure that the IT Complete platform accelerates its leadership position as the platform of choice for IT Infrastructure management,” a spokeswoman told The Irish Times.

“We’ll continue our expansion plans in Dublin and plan to add new jobs there,” she added.

As part of the ISIF investment, Kaseya, which has a presence in more than 20 countries, also launched a collaboration programme with several universities and institutes of technology in the Republic.

"Technology is becoming more critical for small to midsize businesses every day, and whether they receive it from a managed service provider or their own internal IT department they want more efficient solutions that yield greater results," Kaseya chief executive Fred Voccola said about the latest fundraising round.

“This investment validates our position as the only industry player that can offer these innovative, integrated solutions from a single pane of glass. We remain highly focused on increasing investment in our products and customers and look forward to serving this fast-growing market long into the future,” he added.