Kaseya Ends 2019 With $2 Billion Valuation

Kaseya Ltd announced record growth for 2019, with over $300 million in annual bookings – driven by continued adoption and demand for its IT Complete, a full integrated IT management platform for MSPs and SMBs.

These record sales showcase an organic growth rate of approximately 30% for the company, while adding over 5,000 new customers in 2019.

Other highlights in 2019 include the acquisition of leading dark web monitoring and security vendor ID Agent, the development of 6 customer-centric products, the launch of a new multi-million dollar compliance business unit, and an expansion to Kaseya’s already global footprint.

This performance recently escalated Kaseya to the ranks of the coveted cybersecurity unicorn club, closing the year with a valuation over $2 billion.

“In 2019, we upped the ante through substantial investment in our customer-base and by developing new demand-driven products that completely revolutionize how MSP and IT professionals adapt to today’s complex technology demands,” said Fred Voccola, CEO. “As a customer-centric company, the success of our customers drives every decision we make. While we’re not perfect, I think we have done – and continue to do – a very good job of listening and innovating on behalf of our over 40,000-strong customer-base. I am incredibly proud of our accomplishments and humbled by the dedication from our more than 1,200 employees who work hard every day to personally drive the success of our customers. Together with this team, I look forward to even greater success in the year ahead.”

Milestones in Kaseya’s corporate momentum:
• The acquisition of leading dark web and identity monitoring provider ID Agent further bolstered integrated IT Complete Suite with new security offerings.
• $10 million investment to strengthen compliance business unit dedicated to helping MSPs guide their customers through complex regulatory standards – a large opportunity for recurring revenue for MSPs.
• Completion of a $500 million investment. This allowed to earn the coveted unicorn status among cybersecurity tech companies with a current valuation of over $2 billion.  
• The appointment of industry veteran Ronan Kirby as president and GM of EMEA division allows the company to double down on growth, customer service and investment in the growing region, with Europe remaining one of company’s fastest growing markets.

Product launches and expansions:
• The launch of 2 first-of-its-kind compliance automation tools – Compliance Manager for Cyber Insurance and Compliance Manager for HIPAA helps MSPs and SMBs streamline complex liability claims and HIPAA compliance processes, leading to more profitability for MSPs.
• Delivered high margins for channel partners with the Unitrends Xtra channel partner program – a 75% higher payback for partners’ backup and DR business compared to competing providers. In addition, the program allows partners to earn recurring revenue every time a customer purchases other products from the company’s IT Complete solution portfolio over the next three years.
• The launch of Powered Services 2.0 offered a framework of go-to-market offerings, giving MSPs a critical edge to differentiate and build new recurring revenue streams across security, compliance, and backup.
• The launch of a new add-on for IT Glue, Network Glue, brought network discovery, documentation, and diagramming to the next level, moving the manual work of IT teams into an automated topology map for efficiency.
• Firm’s new direct-to-cloud backup solution, Unitrends Cloud Backup, offered MSPs file recovery and protection from viruses, hackers, corruption and accidental deletion without the hassle of managing local backup storage.

Community growth:
• Had over 7,000 IT professionals attend its global series of Connect IT events.
• The events spanned 45 cities and 3 continents including its Connect IT Global conference held annually in Las Vegas, NV, Connect IT Europe held in Amsterdam, Netherlands and its inaugural Connect IT APAC conference in Sydney, Australia.

Industry recognition:
Throughout 2019, it received top industry accolades highlighting its innovation, service and leadership, including:
• EVP of corporate marketing, Taunia Kipp, selected as one of The Software Report’s Top 50 Women Leaders in SaaS
• VSA named Best RMM Offering with IT Complete taking home Most Valuable Software at the European MSP Innovation Awards
• Recognized as one of CIO Bulletin’s 30 Great Places to Work in 2019
• ID Agent VP of channel success and powered services, Dan Tomaszewski, recognized as one of CRN’s 100 People You Don’t Know But Should
• BMS recognized as the Best SaaS Product for Business Management by the SaaS Awards
• RapidFire Tools named Security Solution of the Year at the European IT & Software Excellence Awards
• Unitrends recognized as the Editor’s Choice for Company of the Year at the Storage Awards
• Unitrends honored with a Gold Stevie Award for Customer Service Department of the Year for Computer Hardware and a Silver Stevie Award for Customer Service Department of the Year for Computer Software
• Unitrends named Most Innovative Managed Service Offering for Storage by the Managed Services and Hosting Awards
• RapidFire Tools recognized as a ChannelPro 2019 SMB All Star
• Recognized as one of CIO Bulletin‘s 10 Most Influential Companies of 2019

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