CHAPEL HILL – CData Software is getting ready to scale thanks to a $20 million injection from a Washington D.C.-based growth equity firm. The deal demonstrates that some NC startups and emerging entrepreneurial firms are still able to find investment capital despite the ongoing virus crisis.
The Chapel Hill-based company, which offers cloud data connectivity and integration solutions, today announced the Series A investment from Updata Partners, which focuses on B2B software and software-enabled business.
The uptick: the two firms will be collaborating to expand CData’s global presence, introducing new cloud offerings and accelerating the rollout of “new cutting-edge data connectivity solutions.”
“Early last year, we set out to find the right financial partner to help us accelerate our growth plans,” said Amit Sharma, CEO of CData Software, in a statement. “We found the Updata team to be a great fit for our culture, our values, and the way we do business. Updata’s focus on B2B software, and John’s wealth of experience in particular, will be a great asset in our path to revolutionizing data connectivity and fundamentally improving the economics and efficiency of enterprise information flow.”
Named a “Triangle Tweener” this year by investor Scot Wingo, CData is on a mission to simplifying the way that users and applications connect with data by delivering an array of “standards-based” data connectivity solutions.
“Thousands of organizations rely on CData products every day for their data access needs to help overcome common data fragmentation challenges, and unlock value from diverse and dispersed data assets,” the company said in its release.” Through OEM partnerships, dozens of leading software vendors trust CData to enable robust connectivity for their customers to a variety of data sources, on-premise and on the cloud.”
As part of the new deal, John Burton, co-founder of Updata, and Carter Griffin, general partner at Updata, will join CData’s board of directors, with John serving as chairman.
Burton bootstrapped Business Software Technology (BST) into a successful sale to Legent Corporation, a public company he led as CEO until its $1.8 billion acquisition by Computer Associates in 1995. Most recently, Burton served as Chairman and CEO of Nintex, a leading SaaS workplace automation software provider with over 8,000 global customers.
“I know firsthand the challenges for enterprises to seamlessly access and integrate critical data, which is now located in a multitude of clouds and on-premise data stores,” Burton said in a statement. “For over a decade, CData has been a leader in developing connectivity technology. It’s a perfect time to take advantage of the company’s great success to date to accelerate growth and expand market leadership.”