CDPQ leads USD 147-million growth round in Druva, a global leader in cloud data protection

Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced a USD 100-million investment in Druva, a global leader in cloud data protection and management. Three existing shareholders — Neuberger Berman, Viking Global Investors and Atreides Management — also participated in this growth round led by CDPQ and totalling USD 147 million. As part of the agreement, CDPQ is joining Druva’s Board of Directors.

The Druva Cloud Platform enables organizations to centrally protect data irrespective of location: cloud environments, leading SaaS applications (Microsoft 365, Google Workspace and Salesforce), hybrid environments, or endpoint devices. Thousands of organizations worldwide, including over 50 of the Fortune 500, are using Druva’s SaaS platform to reduce the complexity of data protection, accelerate and protect cloud projects and increase cyber resilience and regulatory compliance. Based in Sunnyvale, California, Druva has offices across the globe, including in Singapore, Japan, Germany, India and the United Kingdom. 

“Druva has established itself as an industry-leading Data Protection as a Service (DPaaS) provider in the last few years by offering cloud-native data protection and management solutions that exceed the traditional offering because they are scalable, easy to deploy and less costly,” explained Martin Laguerre, Executive Vice-President and Head of Private Equity and Capital Solutions at CDPQ. “The team has developed both a robust subscription-based business model and a solid customer base. With this transaction, we are delighted to support the strong growth of a company whose products are increasingly essential based on the acceleration of enterprise cloud adoption.”

In 2020, Druva Cloud Platform’s customer base expanded substantially, with the adoption of multiple Cloud Platform products increasing by 50%.

“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data’s increasing value is at the very heart of it,” said Jaspreet Singh, founder and CEO, Druva. “CDPQ’s long-term investment horizon, collaborative approach, sectorial expertise and global network make them an ideal partner as we expand the reach of Druva Cloud Platform and continue to invest in our product and technological capabilities. Working together, we will solidify our position as the data protection and management provider of choice.” 

Transaction in line with CDPQ’s integrated technology strategy

CDPQ is active along the technology investment continuum — from early stage VC funds and direct investing in Series C to growth rounds and select pre-IPO opportunities. A three-pillar strategy was implemented in 2020 to make technology a critical performance driver where CDPQ: invests in new technology business models to deliver sustainable returns; protects its portfolios by systematically including technology as a factor in risk management; and promotes internal technological advances for its USD 287 billion global portfolio to ensure CDPQ remains a leading technology-driven organization.

“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice-President and Chief Technology Officer at CDPQ. “The working-from-home dynamic experienced globally has further accentuated the need for cloud based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.”

“As we expand our exposure to investments in technology companies globally — and across all stages of the growth cycle — we see other opportunities, similar to Druva, in the Asia Pacific region where internet penetration and cloud adoption are increasing rapidly,” added Meng Ann Lim, Managing Director, Direct Private Equity for Asia-Pacific, CDPQ Singapore.