LONDON, BOSTON, & NEW YORK--(BUSINESS WIRE)--Privitar, the leading data privacy platform provider, today announced that it has completed an $80 million Series C funding round led by Warburg Pincus, a global private equity firm focused on growth investing, with participation from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures.
The investment comes less than a year after a $40 million Series B funding round led by Accel in June 2019. This raise enables Privitar to further accelerate the development of its data privacy platform, fuel continued innovation, and support key growth initiatives, with a focus on international expansion and increased hiring across sales, services, product development, and other areas of the business.
“The Privitar platform enables our customers to unlock and use their data to create better products and services while minimizing friction and risk,” said Jason du Preez, CEO of Privitar. "Large enterprises in regulated industries like financial services and healthcare have been early adopters of data privacy solutions, but all companies should look for ways to use data more safely and more effectively. Managing sensitive data at enterprise scale and complexity is a real challenge for even the most sophisticated data organizations. By automating the enforcement of data protection strategies, Privitar’s platform makes this achievable in any data-driven organization. We are excited to partner with Warburg Pincus as we continue to pioneer the category.”
Warburg Pincus is a leading global private equity firm with significant expertise in venture capital and growth investing. The firm has invested more than $17 billion in technology companies since inception and is one of the most active growth investors in cybersecurity. Recent notable investments include CrowdStrike, Contrast Security, and BitSight.
“The advent of data privacy regulations such as GDPR and CCPA, combined with the increasing importance of data analytics in the enterprise, has created a growing need for a privacy solution that protects sensitive data while still retaining its business value. We believe that Privitar is best positioned to help companies address this challenge, with a leading platform that has been successfully deployed at some of the largest and most discerning enterprise customers across financial services, healthcare, and other industries,” said Cary Davis, Managing Director at Warburg Pincus. “We see an enormous opportunity ahead of the company and are excited to partner with Jason and the rest of the Privitar team to support the next phase of the company’s growth.”
As organizations embrace data analytics and move to modern data platforms such as cloud data lakes, having a centralized platform to protect and manage sensitive data at scale becomes essential in order to reduce the time it takes to make data available to users, protect against insider threats and reduce the risk of a breach. Privitar is working with leading enterprise customers such as HSBC, Citi, the UK’s National Health Service and AstraZeneca to manage and automate the enforcement of data privacy policies on modern platforms.
Privitar announced strong results with clear momentum last year:
● Privitar more than tripled annual recurring revenue year-over-year
● Privitar’s global headcount increased 80%, now with more than 140 employees
● The company added new offices in Austin, Boston, Singapore, and Warsaw to support customers globally
Organizations worldwide rely on Privitar to protect their customers’ sensitive personal data and to deliver comprehensive data privacy that frees them to extract maximum value from the data they collect, manage and use.
Founded in 2014, Privitar is headquartered in London, with regional headquarters in Boston and Singapore, a development center in Warsaw, and sales and services locations throughout the US and Europe. For more information, please visit www.privitar.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $58 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $81 billion in over 890 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.