“The MSP market is a great place for a private equity company like EQT to put their money,” said David Stinner, president of US itek, a Buffalo, N.Y.-based MSP. “Once you have an MSP beholden to a backup/cybersecurity solution like Acronis they don’t leave.”

MSP cybersecurity and backup provider Acronis is being acquired in a majority stake transaction by European private equity behemoth EQT’s X Fund.

EQT, which has $268 billion in assets under management, in a prepared statement cited Acronis’ “clear value proposition” to MSPs as one of keys to the investment.

“EQT has followed the company’s journey for many years and continues to be impressed by its performance and innovative strength,” said Johannes Reichel, a partner and co-head of technology within EQT’s private equity advisory team, in the statement. “We are very excited to partner with Acronis, the management team and existing investors on its next phase of growth.”

[Related: Private Equity Investor To MSPs: Know Your Options To Get The Best Value]

Acronis, headquartered in Switzerland, did not release financial details of the transaction but said the deal values the company “above the last growth funding round, which was completed in 2022.”

The deal must pass regulatory approvals and is anticipated to close in the first or second quarter of 2025.

David Stinner, president of US itek, a Buffalo, N.Y.-based MSP and MSSP, said he sees the EQT acquisition as another sign of the robust growth in the MSP market.

“The MSP market is stronger than ever,” said Stinner. “There is a ton of growth coming from mature, well operated MSPs. There is no lack of opportunity with AI and business intelligence as big growth areas. The MSP market is a great place for a private equity company like EQT to put their money. Once you have an MSP beholden to a backup/cybersecurity solution like Acronis they don’t leave. It’s a continuous recurring revenue stream that grows as the MSP grows!”

Acronis, which received a top five-star rating in the 2024 CRN Partner Program Guide, said it has 20,000 service providers that protect over 750,000 businesses in 150 countries. The company has 1,700 employees.

Acronis CEO Ezequiel Steiner said in a prepared statement the company wa thrilled to have EQT as a major shareholder to support “strategic” expansion.

“We would like to thank our existing investors for their support to date and are pleased that many will remain invested as we move forward,” he said. “But most of all, I’d like to thank the Acronis team for their work in getting us to this stage.”