An investor group led by Vista Equity Partners is buying a majority stake in Nasuni Corp., a venture-backed provider of data storage software. 

The company announced the deal this morning. It detailed that Vista Equity Partners will be joined by TCV and KKR in the transaction. The investment values Nasuni at $1.2 billion.

“We are maniacal about our commitment to delivering quality in every aspect of our business and interaction with our customers,” said Nasuni Chief Executive Officer Paul Flanagan. “This investment and our strategic partnership with Vista, TCV and KKR will allow us to build upon that commitment, scale with purpose and continue to innovate as we look to take Nasuni to the next level.”

Boston-based Nasuni sells a software platform, the Nasuni File Data Platform, that organizations use to manage their data. The software is capable of holding not only files but also records stored as objects, a format that lends itself well to storing unstructured information. Nasuni is promising cost savings of up to 65% compared with traditional storage infrastructure.

Customers can deploy the company’s platform in all the major cloud platforms. Nasuni also provides virtual machines, dubbed Nasuni Edges, that are capable of running on-premises. Customers can use those virtual machines to deploy an application’s most frequently used records near the infrastructure on which it runs, an arrangement that speeds up data access.

Companies often require the ability to share data between their cloud environments. A retailer, for example, may wish to sync sales records stored in a Google Cloud database to an analytics application deployed on Azure. Nasuni’s platform ships with a feature called Nasuni Orchestration Center that promises to streamline such data transfers.

To fend off ransomware attacks, the software stores records in a read-only immutable format. That means the records can’t be encrypted or modified by malware. For added measure, Nasuni has equipped its platform with an algorithm that can detect signs of ransomware in customer environments and automatically notify administrators.

Another set of features in the platform focuses on easing disaster recovery tasks. Nasuni customers can regularly back up files to a cloud-based object storage repository, as well as restore those files in the event of an outage. The company says its platform can recover millions of records in seconds.

The Nasuni File Data Platform is used by more than 850 organizations. In 2022, the annual recurring revenue generated by Nasuni’s customer base topped $100 million. This past January, the company disclosed that its annual recurring revenue had grown another 30% in 2023.

Nasuni’s sales momentum no doubt factored into the $1.2 billion valuation it received through today’s investment. The company is also cash flow positive, which may have likewise helped sweeten the deal terms. Nasuni will use the proceeds from the investment to accelerate its product development and go-to-market initiatives. 

Image: Nasuni