MUNDELEIN, IL, Leader in enterprise data management solutions, announced the closing of a $50 million round of growth capital. The investment was led by FTV Capital and included Liberty Mutual Insurance.
Utopia Inc., a global leader in enterprise data management solutions, announced the closing of a $50 million round of growth capital to accelerate its expansion into fast growing markets and enhance capabilities in Big Data managed services offerings. The investment was led by FTV Capital and included Liberty Mutual Insurance.
Utopia is widely acknowledged as one of the foremost solutions providers in the enterprise data management market. The company provides cutting edge solutions to clients looking to manage large volumes of structured and unstructured content and build a foundation for future initiatives around Big Data analytics, Business Intelligence (BI), real time in-memory computing like the SAP HANA¬® platform, the ApacheTM HadoopTM framework, Enterprise Asset Management and mobile applications.
"Utopia's proven management team and proprietary methodologies have enabled it to become the premier pure play enterprise data solutions provider in this high-growth market," said Brad Bernstein, FTV Capital partner and new Utopia board member. "The company's unique Enterprise Data Lifecycle ManagementTM (EDLMTM) framework and managed services model is the most comprehensive approach to data management we have seen and is attracting many blue chip Fortune 500 clients."
Utopia is an SAP¬® Premier Partner for SAP Services and an SAP PartnerEdge Value Added Reseller (VAR). It has also become the partner of choice for global enterprises looking to invest in long-term partnerships with data experts in order to strategically determine ways to effectively harness the 2.5 quintillion bytes of data being produced daily (Source: Gartner).
Liron Gitig, FTV principal, who is also joining the Utopia board said, "Enterprises are attracted to Utopia's focus and thought leadership on rapidly emerging, complex data management issues, combined with the company's deep domain expertise in multiple industries as well as its cloud-based access. Utopia's distinct competitive advantages are compelling to clients who are choosing to build relationships with Utopia for the long haul."
Utopia has experienced triple digit revenue growth in recent years. "Demand for our services is growing rapidly as content explodes all around us and companies start to harness the power of data in a highly competitive business climate," said Arvind J. Singh, president and CEO. "With additional funding, we can now accelerate and expand our global footprint, leverage Utopia University to hire and train locally in international markets, expand our offerings in to new verticals, and invest in cutting edge research at Utopia Labs, our new R&D and innovation center, to help define the future of data. We plan to hire an additional 500 employees in 2012 to meet our growth targets."
Utopia is celebrating its 10th year in business this year. "We couldn't be more delighted with our choice of new business partner," added Singh. "FTV Capital has an unusual understanding of market trends and shares our vision for the future of data. Their experience and proven track record with high growth services businesses like Utopia will benefit us as we embark on the next exciting phase of our growth."
About FTV Capital
FTV Capital is a growth equity firm with over $1 billion under management that invests in high- growth companies offering a range of innovative solutions in four sectors: business services, financial services, payments/transaction processing and technology. FTV's experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world's leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Many successful companies have partnered with FTV including Castle Pines Capital (acquired by Wells Fargo), Coremetrics (acquired by IBM), ExlService (IPO), Financial Engines (IPO), PowerShares (acquired by Invesco), Varicent (announced acquisition by IBM) and Verus Financial Management (acquired by The Sage Group). Founded in 1998, FTV Capital has invested in 74 portfolio companies across three funds, and has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com
About Liberty Mutual Insurance
Boston-based Liberty Mutual Holding Company Inc., together with its affiliates ("Liberty Mutual Insurance"), is a diversified global insurer and third largest property and casualty insurer in the U.S. based on 2011 direct written premium. Liberty Mutual Insurance ranks 84th on the Fortune 500 list of largest corporations in the U.S. based on 2011 revenue. As of December 31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated assets, $99.3 billion in consolidated liabilities and $34.7 billion in annual consolidated revenue. Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire and surety. Liberty Mutual Insurance employs over 45,000 people in more than 900 offices throughout the world. For a full description of Liberty Mutual Insurance's business operations, products and distribution channels, please visit Liberty Mutual Insurance's Investor Relations web site at http://www.libertymutualgroup.com/liberty-mutual-investor-relations.
(c)2011-2020 by Massinvestor, Inc. For contact info, please check out our about