MMV Financial Commits $3 Million Financing for Unitrends

Unitrends secured a $3.0MM financing from Toronto-based MMV Financial. Unitrends is involved in disaster recovery and business systems continuity for the small and medium business (SMB) market providing an integrated hardware and software solution for data backup and BareMetal disaster recovery. The company’s disaster recovery solutions are currently deployed to more than 1,500 customers, primarily in the U.S.

“We’re excited about the investment that MMV has made in Unitrends,” said Tim Wallick, CFO, Unitrends. “This funding will enable Unitrends to accelerate its investments in R&D, marketing, and sales.”

“Unitrends addresses a critical need of small and medium-sized enterprises as well as a range of public agencies and non-profit organizations to protect mission critical data in times of crisis. MMV is delighted to be a Unitrends financial partner,” said April Young, MMV’s Managing Director, US.

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Based in Columbia, SC, Unitrends is one of the most promising independent company in D2D backup with bare metal and de-dupe. Before this $3 million financing from MMV Financial, the company received $15.2 million in financial funding.

Founded in 1989, the company initially developed backup software solely for Unix systems. In 2004, after completing its initial venture capital funding, it developed its first backup appliances, a single one now protecting 100 versions of OS and applications. Its own "Adaptive" de-dupe is a hybrid data reduction technology that combines in-line compression with post-processing de-dupe.

Unitrends says to have more than 1,500 systems installed worldwide, mainly in USA. Last February, the firm reports record revenues for the year 2009 but didn't reveal any figure.

Last November, Mike Coney replaces Duncan McPherson as president and CEO. He was previously president and GM of Acronis Software. Prior to that, he served as senior VP of the Americas for Veritas until the merger with Symantec.