Company News

Vista-Led Group Agrees Deal for Cloud Storage Firm Nasuni

(Bloomberg) -- A group of investors led by Vista Equity Partners has agreed to acquire a majority stake in hybrid cloud storage provider Nasuni.

The deal values Nasuni at about $1.2 billion, according to a statement Tuesday that confirmed an earlier Bloomberg News report. KKR & Co. and TCV invested alongside Vista.

Founded in 2009, Boston-based Nasuni’s platform enables enterprises to store, protect and collaborate on files across locations at scale. Its cloud solutions are used by more than 850 companies in 70 countries.

Nasuni’s Chief Executive Officer Paul Flanagan said in an interview that the new investment would help with the company’s mission to build “a multibillion dollar company in a multibillion dollar market.” 

Flanagan, who was formerly CEO at IT systems integrator StorageNetworks and Chief Financial Officer at online print services provider VistaPrint, said Nasuni has the “chops to be a large publicly traded company.”

Nasuni said in a statement in January that its annual recurring revenue grew by 30% in 2023 and that it secured more than 120 new enterprise customers, including Patagonia Inc., Autodesk Inc. and the state of Vermont.

Vista is backing Nasuni with money from its middle market-focused Foundation fund, which recently completed an acquisition of energy software provider Energy Exemplar alongside Blackstone Inc.

Last month, Bain Capital agreed to acquire Vista-backed education software provider PowerSchool Holdings Inc. for about $5.6 billion.

Bank of America Corp. advised Nasuni on the stake sale.

(Updates with context throughout.)

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