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CData Software raises $350 mln in Warburg Pincus-led funding

CData Software raises $350 mln in Warburg Pincus-led funding

(Reuters) - Data connectivity solutions provider CData Software said on Wednesday it had raised nearly $350 million in growth equity financing led by US private equity firm Warburg Pincus.

North Carolina-based CData did not disclose its valuation, but a source close to the funding round said it was more than $800 million. Venture capital firm Accel also participated.

CData told Reuters it is growing by more than 40% year-on-year and expects to reach about $100 million in annual recurring revenue (ARR) by the end of 2024, drawing renewed interest from investors in funding fast-growing software companies.

Founded in 2016, CData offers self-service data products and connectivity solutions that enable access to real-time data from both on-premises and cloud applications.

The firm plans to use the cash 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.

 

 

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