Chapel Hill-based CData Software, which connects data from various places for its customers, has received a $350 million investment from private-equity firms Warburg Pincus and Accel.
The company said it will use the money to build more software for its customers, which include Office Depot, Holiday Inn and FedEx.
Hundreds of data management and independent software providers – including Google, Salesforce, and Informatica – embed CData’s technology into their platforms. The company has seen 40% annual growth and expects to end 2024 with nearly $100 million in annual revenue. It has been profitable since it started in 2010.
“Given their vast experience working with companies of a similar profile, partnering with Warburg and Accel will help CData thrive in our next stage of business,” says Amit Sharma, the CEO and co-founder, in a statement.
Sharma holds a Duke MBA and master’s degree from N.C. State University and is a member of the Business North Carolina Power List. The company has earned a spot on the Deloitte Technology Fast 500 list of rapidly growing companies.
CData previously raised $20 million in 2020 and $140 million in 2021 from Washington, D.C.-based Updata Partners, which remains a significant investor in the company.
“CData is a great fit within our portfolio as a market-leading provider of mission-critical data connectivity solutions,” says Warburg Pincus managing director Cary Davis in a statement.
New York-based Warburg Pincus has more than $81 billion in assets under management and an investment portfolio of more than 250 companies.
Accel is a venture capital firm based in Palo Alto, California, that has previously invested in companies such as Bumble, Qualtrics, Slack and Spotify.
