(Reuters) – Data connectivity solutions provider CData Software has raised nearly $350 million in growth equity financing led by U.S. private equity firm Warburg Pincus, as enterprises are processing more data than ever to support their AI strategies, the company told Reuters on Wednesday.
CData did not disclose its valuation, but a source close to the deal said it was valued at over $800 million. Venture capital firm Accel also participated in the funding round.
The company said it is growing by more than 40% year-over-year and expects to rake in $100 million in annual recurring revenue (ARR) by end of this year, drawing renewed interest from investors in funding fast-growing software companies.
Founded in 2016, North Carolina-based CData offers self-service data products and connectivity solutions that enable access to real-time data from both on-premises and cloud applications. Its client list includes Salesforce, Office Depot and FedEx.
The company intends to use the financing to accelerate investments in operations, product development and its go-to-market strategy.
Updata Partners, a technology-focused growth equity firm in Washington D.C. that invested $140 million in CData in 2021 and $20 million in 2020, will remain a significant investor.
(Reporting by Juby Babu in Mexico City and Krystal Hu in New York; Editing by Alan Barona)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.