EMC leads $15m round for Varonis

Varonis, which provides data governance solutions, has been working closely with EMC.

For quite some time, EMC, the world's largest data storage systems company, has been quietly investing in Israeli companies. The investments are carried out through its investment fund. Sources inform "globes" that EMC recently led a $15 million for Varonis. Some of the funds already invested in the company also participated in the round: Pitango, Accel, and Evergreen. Globes has also learned that the round took place at a valuation of $90 million after the money. Varonis now has raised a total of $28 million in two rounds.

Varonis provides data governance solutions. It was founded in 2005 by its CEO Yaki Faitelson and its CTO Ohad Korkus. Both were formerly with NetVision and Network Appliance. The company has developed software that provided a convenient interface for control of access to and use of information on enterprise storage systems. The company has won many prizes for its technology, which is considered highly promising.

Varonis has several hundred customers. Among customers in the US are communications equipment maker Juniper, MoMA, and Children's Hospital and Health System. The company also collaborates with giant computing companies such as IBM and Symantec. It is estimated to have had sales of $15-20 million in 2008, in a market that it estimates is worth $3 billion.

Varonis and EMC have worked closely together for some time, and eighteen months ago EMC became a Varonis customer. It is believed that in the past EMC considered buying Varonis for $200 million.

Published by Globes [online], Israel business news - www.globes.co.il - on January 22, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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