Redstor to Get Growth Investment to Capture MSP Market in USRedstor to Get Growth Investment to Capture MSP Market in US
The company has more than 40,000 customers worldwide.
January 11, 2022
Data management company Redstor just got an investment from Bregal Milestone, a European technology growth capital firm. Expect the company to us the funds to pursue more of the managed service provider (MSP) market in the U.S.
Redstor didn’t say how much it got, but Bregal Milestone manages more than €1 billion dedicated to investments in high-growth technology companies. With more than 40,000 customers worldwide, Redstor will use the financing to fuel its international expansion into the United States. It will also accelerate its AI-enabled platform and overall growth.
Paul Evans is founder and CEO of Redstor.
Redstor’s Paul Evans
“This is a truly exciting partnership for us. We have been on a strong trajectory of profitable, international growth in recent years, and it is a pleasure to have Bregal Milestone alongside us to achieve our goals. The firm’s in-house value creation and operational capabilities, along with its long track record of helping market-leading tech companies internationalize, will be invaluable as we continue to drive our strategic vision and expansion.”
Redstor says an MSP or other channel company serving the midmarket discover, manage and protect customer data from a single, cloud-based application. Using Redstor’s all-in-one platform, MSPs can protect data on-premises. That’s within cloud-native infrastructures like Kubernetes and in SaaS applications including Microsoft 365, Google Workspace, Salesforce and Xero. MSPs can scale their services and introduce new revenue and growth opportunities, which can dramatically reduce management overhead.
Evans’ leadership team includes industry experts from companies such as DXC Technology, Rackspace, Vodafone and Autotask. Bregal Milestone will help drive Redstor’s next phase of expansion, leveraging its experience in scaling global software companies. The firm will support Redstor’s expansion to the U.S. and invest to extend Redstor’s technology edge for organic growth.
John Hales is principal at Bregal Milestone. He is confident Bregal Milestone can actively support and internationalize Redstor’s platform.
Bregal Milestone’s John Hales
“Redstor is perfect for Bregal Milestone’s portfolio,” he said. “This is one of Europe’s most exciting data management software companies, which has built a hyper-scalable global platform. We look forward to supporting Paul and the team in the next phase of Redstor’s success story.”
Analyst firm IDC predicts that 55% of organizations will have migrated their data protection systems to a cloud-centric model within the next two to three years. This is to centrally manage core, edge and data protection from the cloud. Redstor is primed to take advantage of this $18 billion-plus market.
Archana Venkatraman is senior analyst at IDC. She says the growing number of ransomware attacks across all applications makes it a top priority for organizations to minimize data loss.
IDC’s Archana Venkatraman
“Cloud data management vendors that are committed to infusing AI and machine learning into their platforms truly empower MSPs to deliver consistent data protection at scale, gain deeper insights to better protect customers’ data and have automated upsell opportunities,” she said.
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