Tuesday, March 19, 2019

Magnitude Software Raises $179M

Austin-based Magnitude Software, the developer of unified application data management software led by CEO Chris Ney, has received a huge, $179M equity investment, the company said on Tuesday. The funding came from 3i Group plc. According to the company, Ney, who is the founder, Chairman, and CEO of Magnitude, will continue to maintain a "significant stake" in the business. Magnitude Software said the new funding will go towards its strategic expansion plans. The investment comes after the company more than tripled its revenues and tripled its profits over the last three years, according to Magnitude. The company says it now provides its software to over 1,400 customers, including 50 percent of the Fortune 100. Magnitude had said back in August of 2018 that it was nearing the $100M in annual revenues mark.