We are delighted to announce that Nerdio has signed a definitive agreement for a $500 million Series C equity round led by General Atlantic with participation from Lead Edge Capital and StepStone Group. This transaction provides liquidity to Updata Partners VII and our LP co-investors while retaining a minority stake in this high-performing business. The deal is expected to close upon receipt of appropriate regulatory approvals.
Nerdio is a leading provider of powerful, simplified cloud management solutions for businesses of all sizes. Trusted by enterprise IT departments and managed service providers (MSPs) alike, Nerdio equips organizations with seamless, cost-effective management tools for Azure Virtual Desktop (AVD), Windows 365, and comprehensive Modern Work solutions. The Nerdio platform serves more than 5 million users across 15,000 customers in over 50 countries, including Chevron, Impact Networking, KraftHeinz, ASDA, Carnival Cruise Line, Willis Towers Watson, and Penn State University.
Updata Partners, together with our LP co-investors, acquired a significant minority position in Nerdio in December 2022. During the past two years, we partnered closely with Co-founders Vadim Vladimirskiy and Joseph Landes to nearly quadruple revenue, while remaining profitable. We facilitated the build out of the current management team, helping recruit key senior leaders including Raj Amin (CFO), Larry Sweeney (SVP, Enterprise Sales), Hillary Ervin (SVP, Marketing), and Susie Driscoll (SVP, Customer & Partner Success). Updata has been represented on the board by General Partner Carter Griffin and Operating Partner John Burton. Our efforts also included helping the Company enhance its enterprise sales strategy, which has been the key growth driver in the business. This segment has grown rapidly and now accounts for a majority of the revenue.
This transaction marks an exciting milestone, and we are confident in management’s ability – with support from Updata, General Atlantic, Lead Edge, and StepStone – to maintain Nerdio’s strong momentum. Carter Griffin will continue to represent Updata on the board.
The Company’s press release can be found here.