CPE News (7/15/2021) – Auvik Networks has completed a US $250 million growth equity primary investment and recap secondary transaction with Great Hill Partners, a Boston based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the consumer, digital infrastructure, financial technology, healthcare, and software sectors.
Financial terms were not disclosed.
Founded by Alex Hoff, Marc Morin, and David Yach, Wareloo, Ontario based Auvik is an award-winning provider of cloud-based network management software.
Auvik has previously raised CDN $41 million in three rounds (Series A-C) of financing from OpenView Venture Partners, Celtic House Venture Partners and Rho Canada Ventures.
Celtic House will continue as an investor in Auvik.
photo credit: Auvik Networks/Great Hill Partners
Auvik Networks Secures $250 Million Growth Investment from Great Hill Partners
WATERLOO, ON and BOSTON, MA – July 15, 2021 — Auvik, an award-winning provider of cloud-based network management software, today announced that it has secured a US$250 million investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive businesses. The investment is expected to accelerate Auvik’s mission by funding product development, segment expansion, geographic reach, and other strategic growth initiatives.
Auvik makes complex, yet essential, network management simple by providing the visibility and automation IT professionals need to focus on the work that delivers the greatest value to their organization. Today, Auvik’s software helps IT teams manage more than four million devices on over 50,000 networks.
“Network management should be easier. That has been Auvik’s rallying cry since 2011 when we set out on a quest to give IT professionals, and the organizations they support, something better – something faster and easier,” said Marc Morin, CEO of Auvik Networks. “By partnering with Great Hill Partners, a growth investor with deep domain experience and expertise, and our continuing investor Celtic House Venture Partners, we are confident that we will be able to accelerate our impact and bring reliable IT solutions to IT professionals everywhere.”
“Auvik has a truly innovative approach to ITOps and has developed powerful software that IT teams not only enjoy using, but is essential to their operations,” said Drew Loucks, a Managing Director at Great Hill Partners. “We have been very impressed with the company’s customer satisfaction rating and reputation and we believe the team is well positioned to capture a significant portion of the evolving market moving forward.”
Auvik was founded by Marc Morin, Alex Hoff, and David Yach. The company has been recognized as the #1 ranked Canadian company in the FT Americas’ Fastest Growing Companies, and is a winner of the Deloitte Technology Fast 50TM and Deloitte Technology Fast 500TM for two consecutive years.
AQ Technology Partners served as financial advisor and Dentons Canada LLP served as legal counsel to Auvik. Choate, Hall & Stewart LLP and Blake, Cassels & Graydon LLP served as legal counsel to Great Hill Partners.
About Auvik Networks
Auvik’s cloud-based network management software keeps IT networks around the world running optimally. By automating and simplifying network management, Auvik helps rocket an IT team’s efficiency and capacity, while protecting the business from network risk. Auvik is one of the fastest growing North American technology companies, and is winner of the Deloitte Technology Fast 50, Deloitte Fast 500, and recognized as the #1 ranked Canadian company in the FT Americas’ Fastest Growing Companies 2020. Visit www.auvik.com or follow @AuvikNetworks on Twitter. Auvik is a registered trademark of Auvik Networks Inc.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the consumer, digital infrastructure, financial technology, healthcare, and software sectors. Over the past two decades, Great Hill has raised nearly $8 billion of commitments and invested in more than 85 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. For more information please visit www.greathillpartners.com.
Corporate Communications Manager, Auvik Networks
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For Great Hill Partners:
Sard Verbinnen & Co