Apps churn out mountains of data. Businesses have so little time to search, analyze and interpret it.
That's part of what makes data management companies like Magnitude Software, which develops software to make sense of fragmented datasets, so valuable.
In 2014, Magnitude Software locked in $100 million in private equity funding, giving the company fuel for growth and acquisitions. On Tuesday, the tech startup reported it has once again raised a big funding round -- a $179 million investment from London-based private equity firm 3i Group.
Magnitude founder, chairman and CEO Chris Ney will maintain a large stake in the business. The investment came at a $340 million enterprise valuation.
Magnitude was founded by Ney in 2014 when Noetix Corp. and Kalido merged.
Ney said Magnitude wanted a strong financial partner with an international footprint and strong background in building globally.
"This relationship aligns with our number one goal: customer success," Ney said in a statement. "It reflects our vision to significantly leverage our global acquisition strategy, technology innovation and scalable operational platform to profitably deliver even greater value to our growing blue-chip customer base.”
After raising $100 million in 2014, Magnitude starting acquiring other startups, including Every Angle, Innowera and Angility Multichannel. It has acquired six companies overall. The company says that it has more than tripled revenue and profits in the past three years or so.
