Cohesity has announced a new company valuation of $3.7 billion, which is $1.2 billion higher than its valuation less than 12 months ago.
According to the company, the growth in valuation validated the positive trajectory and momentum that it is seeing as a modern multi-cloud data management company.
The valuation was established in line with a $145 million tender offer made by investors to Cohesity employees who want the option to sell a small portion of their equity for liquidity.
This non-dilutive transaction was led by STEADFAST Capital Ventures and supported by a syndicate of new and existing investors, including Premji Invest.
“We are pleased to enable this liquidity opportunity for our employees,” said Mohit Aron, CEO and Founder, Cohesity.
“We believe the oversubscribed, non-dilutive tender offer based upon this increased company valuation speaks volumes about Cohesity’s performance and future outlook as the leading, modern data management company.”
The valuation comes as Cohesity is reporting record-breaking results from its fiscal second quarter ending 31st January 2021. The company saw significant year-over-year (YoY) growth in annual recurring revenues (ARR), a continued surge in customer wins globally, and a rapidly increasing number of customers spending $5 million or more in total lifetime spend on Cohesity software. Cohesity also saw exceptional traction across its partner and service provider ecosystem.
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Karan Mehandru, Managing Director and Head of Venture Capital, STEADFAST Capital Ventures, said, “The company also continues to introduce software innovations that are transforming data management – including Data Management as a Service. This game-changing SaaS technology is unleashing new opportunities for midsize and enterprise customers to simplify data management and do more with their data. At STEADFAST, our goal is to partner with exceptional entrepreneurs building iconic and durable companies that are built to last, and our partnership with Mohit and the Cohesity team is a shining example of that strategy at work.”
Cohesity customers span a wide array of verticals including financial services, healthcare, government/ public sector, pharmaceutical, retail, technology, transportation, education, and media and entertainment.
