Auvik Networks, an award-winning Waterloo-based provider of cloud-based network management software, has announced a new $250 million investment.
The Auvik platform makes complex network management simple by providing the visibility and automation IT professionals need to deliver the greatest value to their organization. The company’s software helps IT teams manage more than four million devices over 50,000 networks. The new investment is expected to accelerate product development, business expansion and reach, as well as other strategic growth initiatives.
The company will remain a Waterloo gem.
“The business is staying intact, everyone’s staying, the whole team’s operating the same way,” Marc Morin, the CEO of Auvik Networks, told Communitech News. “I like to say it's more like swapping horses – we're swapping some of our investors with this (new) investor, as well as getting growth equity injected into the business.”
This news is just the latest in a series of high-profile investments into Waterloo-based tech companies. In June, Faire announced a $260 million dollar raise that brought its valuation to $7 billion and ApplyBoard announced a $375 million dollar raise that resulted in a $4 billion valuation. Earlier this week, Arctic Wolf – another local unicorn – announced a $150 million raise and $4.3 billion valuation. These investments, in addition to many smaller investments within the startup community, mean the Waterloo tech ecosystem has welcomed approximately $1.4 billion in new investment over the last 45 days.
Also this week, CBRE recognized Waterloo as the top small tech talent market in North America, beating Pittsburgh, Columbus, Charlotte and many more.
What’s driving this growth?
The discussion starts with the University of Waterloo – Canada’s top technology school and one of the world’s top-25 computer science universities. Each of the companies listed above count at least one founder with a UWaterloo degree and if you take a glance at their workforces, you’ll see many UWaterloo graduates.
There’s also an argument for the community hitting a critical mass. Waterloo is home to Canada’s top innovation hub (Communitech), Canada’s #1 private business accelerator (the Accelerator Centre) and Canada’s most productive incubator (Velocity). Each of these organizations have put an onus on developing strong, scalable tech businesses. Mixed with an incredible talent pipeline, excellent business immigration programs and other advantages, it really appears as though Waterloo is just hitting its stride.
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- UWaterloo ranks #1 in Canada for computer science and engineering
- Waterloo companies claim top two spots on Deloitte’s Technology Fast 50