August 14, 2024 at 08:39AM
Kiteworks, a secure data sharing solutions provider, secures $456 million in growth equity investment from Insight Partners and Sixth Street Growth. The funding will strengthen the company’s market position, which is said to be over $1 billion in valuation. Kiteworks’ platform provides a Private Content Network for secure data sharing and claims over 3,650 enterprises and government agencies as customers.
From the meeting notes, it can be summarized that Kiteworks has secured a substantial growth equity investment of $456 million from Insight Partners and Sixth Street Growth. This investment is expected to strengthen Kiteworks’ market position in secure data transfer and collaboration. The investment represents a minority stake in a unicorn company, indicating a valuation exceeding $1 billion.
Additionally, it was noted that Bregal Sagemount has sold its stake in Kiteworks, and the company is now owned by entities associated with Insight Partners, Sixth Street, Baring Private Equity Asia, as well as current and former employees. Kiteworks’ platform, known as the Private Content Network, facilitates sharing sensitive data with trusted parties via various channels and offers features to track, control, and secure sensitive content within and outside organizations.
It is worth mentioning that Kiteworks, formerly known as Accellion, had faced a cybersecurity incident involving a vulnerability in a retired product. Despite this, the company serves over 3,650 enterprises and government agencies with more than 100 million end users.
The funding news was accompanied by information on other cybersecurity companies securing investments, such as Protect AI, Endari, Lineaje, and Cowbell.