CoreView, which develops a Microsoft 365 cloud management platform for MSPs, has raised $10 million in Series B funding led by private equity firm Insight Partners. Valuation details were not disclosed.
CoreView has been attracting attention across the IT channel in recent months. Ahead of the Series B funding, the company was a runner up in an Ingram Micro Cloud funding competition earlier this year.
CoreView will use the Series B funding to to invest in "product innovation and expanding its global network of enterprise clients, international resellers, and managed service providers (MSPs)," the company says.
CoreView’s SaaS-based management platform augments and extends the Microsoft 365 Admin Center to help MSPs and businesses implement least-privilege access in Microsoft 365, the company says. The platform therefore helps to prevent data breaches caused by external and internal threats, avoid overspending on licenses, automate user and event records, and deliver customizable reporting, the company adds.
CoreView revenues grew 173 in 2019 vs. 2018, and the Microsoft Gold Partner now has more than 5 million users under management. Actual revenue and profit figures -- particularly for the first half of 2020 -- were not disclosed.
Insight Partners Invests in CoreView: Executive Perspectives
In a prepared statement about the funding, Michael A. Morrison, CEO of CoreView:
“We’re excited to continue working with the premier ScaleUp software investment firm. Our mission of helping enterprises maximize the ROI of their M365 investment is perfectly aligned with the current business and economic environment so we expect to continue our exponential growth. This round of funding solidifies our leadership position within the market and helps us continue to build new functionality that makes our platform indispensable for businesses operating on cloud and SaaS platforms.”
Added Insight Partners Managing Director Michael Triplett said:
“Businesses forced to implement and manage a comprehensive remote work strategy have greatly benefitted from CoreView’s intuitive and powerful enterprise solution. Our expertise in helping emerging enterprise software and technology companies scale quickly in large markets aligns well with the company’s aggressive growth plans. We are excited to continue to help CoreView’s leadership team build a world-class platform that solves many important problems businesses face today.”
Triplett focuses on investments in infrastructure and application software companies. His dealings have included the SolarWinds IPO, Astaro (acquired by Sophos), GFI's TeamViewer (acquired by Permira), and LOGICnow (acquired by SolarWinds), among many others.
Insight Partners: Private Equity for MSP Software Companies
Meanwhile, private equity firm Insight Partners has extensive experience investing in MSP-friendly and channel-focused software companies. Insight's current investment portfolio includes AnyDesk, Kaseya, LiveAction, SentinelOne, and Veeam, among many others.
Both Kaseya and SentinelOne appear to be marching toward potential IPOs, according to ChannelE2E and MSSP Alert reporting.
