Secure data sharing solutions provider Kiteworks on Wednesday announced raising $456 million in growth equity investment from Insight Partners and Sixth Street Growth.
The funding, a partial liquidity event, is expected to help strengthen Kiteworks’ market position in secure data transfer and collaboration.
The company told SecurityWeek that it’s not disclosing valuation, but noted that the investment represents a minority stake in a unicorn company, which means valuation exceeds $1 billion.
Kiteworks previously raised $120 million in 2020 in a funding round led by Bregal Sagemount.
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 has developed a platform that provides what the company describes as a Private Content Network, which enables organizations to share sensitive data with trusted parties via email, file sharing, file transfer, and other channels.
The platform can be used to track, control, and secure sensitive content both within and outside an organization. Kiteworks claims that over 3,650 enterprises and government agencies are using its products, with more than 100 million end users.
Kiteworks was formerly known as Accellion. In late 2020, cybercriminals exploited a vulnerability in a now-retired Accellion product to steal vast amounts of data belonging to major organizations that had been using the service.
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