Cloud-based network management software firm Auvik raises $250M

Cloud-based network management software firm Auvik Networks Inc. has raised $250 million in new funding to accelerate product development and global reach.

The funding, announced today, came exclusively from Great Hill Partners, which have now taken a majority stake in the company.

Founded in 2011 and based in Ontario, Canada, Auvik offers cloud-based network management software designed to keep information technology networks running optimally. The company’s software automates network management to increase efficiency and capacity.

Auvik’s cloud-based software is pitched as simplifying network performance monitoring and troubleshooting including responding to network issues in real-time. Along with offering a deep dive into problems with Syslog, the software also includes remote access, intelligent insights into network traffic and complete documentation of a network picture as it evolves.

Auvik helps IT teams manage more than 4 million devices on over 50,000 networks across 50 countries. Like many cloud-based companies, Auvik saw strong growth during the COVID-19 pandemic as IT teams were still required to manage company networks and do so remotely.

Auvik has also been recognized as the No. 1-ranked Canadian company in the FT America’s Fastest Growing Companies and was a winner in the Deloitte Technology Fast 50 and Fast 500 for two consecutive years.

Key to the new funding is international growth. Marc Morin, chief executive officer of Auvik Networks, told Betakit that the company is now targeting Indian and Asian markets and looking to provide locally based customer support to fuel its growth. Some of the new funding will also be used to develop additional products that address all aspects of cloud-based and remote network infrastructure.

“Network management should be easier,” Morin said in a statement. “That has been Auvik’s rallying cry since 2011 when we set out on a quest to give IT professionals and the organizations they support, something better – something faster and easier.”

Including the new funding, Auvik has raised $283.3 million to date, according to Crunchbase. Previous investors include Rho Canada Ventures, Celtic House Venture Partners, OpenView and BDC Venture Capital.

Image: Auvik