General Atlantic has agreed to lead a US$500 million equity round in Nerdio, a software company that seeks to make remote work easier to manage for IT professionals.
Lead Edge Capital and StepStone Group Inc. have also agreed to participate in the agreed-upon transaction, Chief Executive Officer Vadim Vladimirskiy said in an interview. The transaction values Chicago-based Nerdio at $1.2 billion, quadruple the $300 million that the company was valued at in a round announced in December 2022, according to people with knowledge of the matter, who asked not to be identified discussing private information.
A representative for Nerdio declined to comment on its current and prior valuation.
“Nerdio’s platform turns what would be months of engineering work into automated processes that any IT team can manage,” Vladimirskiy said. The fresh funding will accelerate efforts to simplify cloud management in a cost-effective manner, he added. It’ll also facilitate Nerdio’s global growth in part through recruitment of new engineers, sales staff and other employees. The company itself is largely remote.
Vladimirskiy said Nerdio is profitable, and serves over 5 million users across more than 50 countries. Its customer base, which tend to use Microsoft Inc.’s suite of products, includes Chevron Corp., Kraft Heinz Co., Willis Towers Watson Plc and Penn State University.
“Nerdio is enabling the transition of virtualization to the cloud and is delivering immediate and measurable value to organizations struggling with cloud complexity,” Aaron Goldman, managing director and head of enterprise technology at General Atlantic, said in an emailed statement. Both Goldman and General Atlantic’s Asher Hecht will join Nerdio’s board.
Vladimirskiy co-founded Nerdio with Joseph Landes, the company’s chief revenue officer. Nerdio has raised prior funding from MK Capital and Updata Partners.
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Gillian Tan, Bloomberg News
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