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The Cybersecurity Racket: Another Private Equity Firm Lurking in the Shadows
It’s a game of Musical Chairs, and only the top 1% of the cybersecurity world are invited to dance. Welcome to the latest move in the acquisition spree, where private equity firm EQT has snatched a majority stake in Acronis, a cybersecurity platform claiming to be a game-changer.
What’s the price tag on this behemoth? Well, you know what they say: if you don’t ask, they’ll keep mum. EQT and Acronis won’t reveal the size of the stake, the value, or even the enterprise value of Acronis. No worries, we won’t press you to reveal your secrets… or will we?
As it turns out, Acronis is just the next pawn in the private equity chessboard. It’s already touted a growth story that’ll make your eyes spin. In 2022, the platform reported 5.5 million “home users” and 500,000 business customers – sounds impressive, but we haven’t seen the financials to prove the alleged revenue growth.
Here’s a more troubling statistic: the platform raised more than $600 million in equity and debt, fueling rumors of insiders raking it in. Its investors include the who’s who of financial institutions, such as BlackRock, CVC, and Goldman Sachs – sound like a gang of money-printing robots.
“We are thrilled to have EQT as a major shareholder,” chirped CEO Ezequiel Steiner in a statement, but didn’t answer how EQT’s “investment” would impact Acronis’ integrity.
But here’s a little-known secret: the same two founders who launched Acronis back in 2003 will no longer be leading the charge. That’s right – Stanislav Protassov and Serg Bell will bow out to focus on another ” passion project”: the Constructor Group, exploring AI and metaverse applications.
Don’t let anyone tell you that EQT will maintain Acronis’ corporate vision and culture – remember the fate of those poor, benighted companies EQT absorbed, then abandoned.
“In an era where cybersecurity threats multiply exponentially,” the CEO reassured the tech community, “Acronis stands uniquely poised to… uh… what’s that supposed to mean, again?
Private equity has finally sealed the deal on its takeout of the cybersecurity market, reeking havoc on any aspiring company trying to create innovative tech.
Will you buy the spin about this Acronis “acquisition” and EQT’s altruistic motivations? Or are you, too, weary of the shell game?
Either way, we can only be left with a profound, gnawing unease that private equity may finally be sucking the soul from cybersecurity.
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