If you haven’t heard of a Miami-based tech firm called Kaseya, you may soon.
On Tuesday, the company, whose software allows companies to manage their information technology, announced it had received a $500 million investment from San Francisco-based private equity group TPG, along with its current majority holder, New York-based venture and private equity group Insight Partners.
The investment values Kaseya at more than $2 billion. That makes Kaseya MIami’s newest “unicorn,” jargon for a startup valued at over $1 billion.
Founded in 2000, Kaseya says it has $300 million in revenues.
In a statement, TPG said its investment was based on Kaseya’s future growth prospects.
“Kaseya is a leading player in today’s rapidly growing IT infrastructure management market, offering best-in-class, integrated technology at a compelling price point,” said Nehal Raj, partner at TPG, in a statement. “The company’s innovative products, skilled management team, and strong customer base position them well for continued success, and we look forward to working together to build and enhance the platform.”
At an event announcing the investment at its Brickell headquarters, Kasaya CEO Fred Voccola hinted at future acquisitions in the coming year or so. He also said Kaseya could go public as soon as 12 months from now. The company currently counts 40,000 customers worldwide, served by 1,100 employees across its global offices.
Voccola also said the company seeking to boost its local headcount from 136 today to 400 in two years.
“There’s a lot of question about the tech talent here in Miami,” Voccola said at a press conference. “We actually think it’s phenomenal.”
Michael Finney, President and CEO of the Miami-Dade Beacon Council, said he believes Kaseya’s presence could mean to South Florida what Microsoft meant to the greater Seattle area—catalyst to more tech growth in the region.
“We think there could be a ‘Kaseya effect’,” Finney said at the Tuesday event.
Kaseya is already helping mentor local firms like Kimonus, a Miami-based project management software group. Kimonus’s co-founder, Riccardo Conte, said he had contemplated moving the company out of Miami due to its lack of tech company density, but that his interactions with Kaseya had convinced him to stay.
Kaseya’s principal headquarters has moved over the years, but with the 2015 hiring of Voccola, who attended the University of Miami, Miami became the company’s strategic focus.
“We want to open up people’s eyes to the talent that is here—and that it can be scaled,” Voccola said.