Manchester’s Avecto gets $49m in venture capital

Endpoint security software firm Avecto has received a $49 million minority investment from JMI Equity, a growth equity firm focused on investing in leading software and services companies.

As part of the transaction, Jit Sinha, general partner and Suken Vakil, principal at JMI Equity will join the Avecto board of directors.

Headquartered in Manchester with offices in Boston, Melbourne and Frankfurt, Avecto was founded by entrepreneurs Mark Austin and Paul Kenyon in 2008. The company says it has a roster of over 600 enterprise clients.

Avecto’s Defendpoint software is said to currently safeguard over five million endpoints worldwide from evolving cyber threats. Defendpoint combines privilege management, application control and sandboxing, “giving users freedom while delivering defence in depth”, said the supplier.

Kenyon, co-CEO, said: “To this point we have created a unique endpoint suite of security products and built an enviable business all without any external funding. Our integrated product suite provides three levels of protection delivered through a single, lightweight software agent.”

He said: “The investment from JMI will enable us to significantly boost our capabilities as we add even more talent to all areas of the business in order to continue to deliver high value solutions to our expanding customer base. JMI has significant experience in growing enterprise software companies which will be invaluable as we enter this new exciting chapter.”

Sinha of JMI Equity said: “Enterprises are struggling to provide security on their endpoints while simultaneously ensuring a positive user experience.”

Earlier this year, Avecto named UK-based Avatu as its latest Premier Partner. Avatu has more than 20 years of experience advising and supporting organisations, working with large national and international corporations, government departments and UK police forces.

@AntonySavvas