Code 42 Software Finalizes $52.5 Million Funding Raise Led By Accel Partners Big Data Fund

Code 42 Software, provider of online backup solutions for consumers and enterprises, finalized a capital raise of $52.5 million from Accel Partners and Split Rock Partners. The capital raise represents Accel’s first investment out of its $100 million fund for Big Data companies. Founded in 2001, Code 42 Software has been profitable for the last three years as reported by GigaOM. The Minneapolis-based company’s products include Crash Plan for consumers, Crash Plan PRO for small businesses and Crash Plan PROe for enterprises. Co-founder and CEO Matthew Dornquast noted that the funding raise was unusual given the profitability of the company, which had bootstrapped its financing in the initial years of its operation. The funding will be used to grow the business globally and add additional features that render it easier for users to more effectively search and manage access privileges to their online backup repositories. Currently, Code 42 manages more than 100 petabytes of data and backs up 250 million new files per day. Although Accel had been pursuing Code 42 for two years, the company finally decided to take in the funding raise upon recognizing possibilities for enterprise level business intelligence analytics on files shared between devices and within an ecosystem and the market opportunity to expand globally. Code 42 competes with the likes of Carbonite, Mozy, Iron Mountain, Box.net and Dropbox. The company currently has more than 4000 enterprise customers including Adobe, Google, Groupon, HP, Intuit, Kraft Foods, LinkedIn, NASA, National Geographic and Salesforce.com.

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