Acronis has tapped Patrick Pulvermueller as its new CEO, replacing founder Serguei Beloussov, who stepped down. Pulvermueller, who was president of GoDaddy’s partners business, took the reins as CEO July 1, Acronis said on Wednesday.

Acronis’ Patrick Pulvermueller

As Acronis’ largest shareholder, Beloussov isn’t going away. He will remain as chief research officer. He will also continue to direct the technology strategy of the data protection provider for SMBs, according to Acronis.

Could the move signal broader expansion plans for Acronis, such as an IPO or increased private equity investment? Acronis isn’t saying, but in May, private equity investor CVC Capital Partners VII provided a $250 million round of funding.

The investment, earmarked largely for expanding its cyber protection portfolio, boosts Acronis’ valuation to $2.5 billion, the company claims. According to a statement by Acronis chairman René Bonvanie, that’s a formidable $1.5 billion increase from 18 months ago.

Acronis’ Serguei Beloussov

Beloussov, who also founded Parallels before it divested into four companies, famously took the reins as Acronis’ CEO in 2013. Looking to accelerate Acronis lackluster growth at that time, Beloussov made an early bet on cloud technology.

While Acronis is known for its backup and system imaging tools, in 2019 it expanded into cybersecurity protection. On Beloussov’s watch, Acronis expanded its portfolio of security tools for MSSPs with the acquisitions of 5nine, DeviceLock and CyberLynx.

Partner-Focused CEO

Now, it appears Acronis is looking to accelerate further. Beloussov says Acronis conducted a search, which led to the selection of GoDaddy’s Pulvermueller. GoDaddy is a top web hosting provider for SMBs.

“Patrick Pulvermueller’s background in partners is perfect for Acronis’ focus on channel and developing MSP partners,” said industry analyst Frank Dickson, a program VP at IDC. “Acronis’ sweet spot in the market is with smaller sizes of business. Channel is integral to success.”

Indeed, that played a key role in his selection, according to Beloussov.

“We did an extensive search for an outstanding leader and Patrick’s track record of success, partner-led approach, and operational expertise were obvious strengths,” Beloussov noted. “He has the experience to continue pushing Acronis’ mission, improve our operations, and build a multibillion-dollar revenue stream — taking the organization, the product portfolio and our partnerships to the next level.”

Pulvermueller emphasized the opportunity to expand into the MSP market.

“Acronis is poised to disrupt the data protection and cybersecurity markets while redefining how service providers leverage remote monitoring and management (RMM) and professional services automation (PSA) services,” Pulvermueller noted. “I look forward to contributing my knowledge and experience in the service provider business to ensure we take full advantage of that opportunity.”

As chief strategy officer, Beloussov will focus on automation, data management and its Cyber Network, Cyber Platform and enterprise offerings. Beloussov will also focus on the Acronis university relations program, which includes the Schaffhausen Institute of Technology (SIT) in Switzerland. Beloussov co-founded SIT in 2019.