Toronto-based startup Ataccama has secured $194 million CAD ($150 million USD) in growth capital from American private investment firm Bain Capital. The all-equity financing, which was made through Bain Capital’s Tech Opportunities Fund, represents a minority investment in Ataccama.
When asked why it decided to raise funding now, a spokesperson for Ataccama told BetaKit that the startup is at a point where it would be “the right thing to invest in growth.”
“We put together a three-year growth plan, and bringing an external investor was part of this plan, as we could see that an injection of capital would allow us to move faster,” the spokesperson said.
“This additional capital will enable us to meet growing demand and scale our operations while accelerating innovation.”
– Ataccama CEO Michal Klaus
Spun out of Toronto data governance firm Adastra in 2007, Ataccama offers a data management platform for global enterprises. Named Ataccama ONE, the platform features data governance, data catalog, data quality, and master data management functions across hybrid and cloud environments.
Ataccama currently has 10 offices across the globe with more than 450 employees. In addition to its head office in Toronto, Ataccama has also established itself in Connecticut, Bulgaria, Germany, France, United Kingdom, and most recently in Australia.
Last year, Ataccama acquired Tellstory, a data visualization platform provider. At the time, Ataccama said it plans to integrate Tellstory with Ataccama ONE.
With a client base of over 350, Ataccama’s technology has attracted the likes of American Airlines, Argo Group, T Mobile, and CBRE. In 2019, Ataccama partnered with Toronto Public Library to modernize the data management practices across its 100 branches.
Ataccama’s spokesperson said that the company plans to strengthen its presence in other emerging and established markets that are adopting new trends quickly such as Japan, Latin America, and the Middle East.
In the first quarter of this year, Ataccama claims that it acquired a new customer every three days. The startup noted that this expanded its footprint in the banking, financial services, insurance, life sciences, healthcare, and retail industries.
With backing from Bain Capital, Ataccama intends to strengthen its go-to-market strategy, further invest in new product innovation, and expand its global reach.
“This additional capital will enable us to meet growing demand and scale our operations while accelerating innovation,” said Ataccama CEO Michal Klaus.
Bain Capital Tech Opportunities managing director Dewey Awad also cited demand for Ataccama’s platform, saying that it drove a significant increase in Ataccama’s average deal size.
Bain Capital announced in November that it plans to raise $1.5 billion for its second Tech Opportunities Fund. The private equity investment firm raised $1.25 billion for the first edition of the Fund.
Featured image courtesy of Ataccama.