There is an explosion of tools that allow businesses to connect, transform, analyze and serve data from all sources. With the increasing pressure on businesses to digital transform their operations, this can lead to a patchwork of solutions that aren't easy to maintain According to research from Forrester, over 70% of company data is unused and never analyzed, while another study found that 69% of business executives had failed to create data-driven organizations.
There is software for data management. The latest to get funding is Ataccama, which today announced that it raised $150 million from Bain Capital Tech Opportunities. The round values Ataccama at $600 million, according to a source.
Ataccama is a data governance, data catalog, data quality and data management company.
The first area where part of the funds will be directed is the go-to-market functions. The gap between data democratization and the need for centralized data governance and data quality management is one of the big opportunities. There are tighter integrations with data processing platforms.
Ataccama is a data integration system. According to Klaus, the founders saw data quality issues in their data integration projects that led to delays or failures to deliver desired business outcomes. The team decided to start a company after creating a proof-of-concept product.
Data fabric is a combination of technologies that helps to identify, connect, clean and enrich data to uncover the relationships between data points. Data quality checks are provided by Ataccama. The platform can discover and transform data from a range of on-premises and public cloud sources.
There is a management dashboard. The image is called Ataccama.
Users can import and establish business term definitions using Ataccama. Continuous reporting of the state of data for compliance with rules, aggregations and visualization is possible thanks to Ataccama. An engineer might get an alert like "Dataset contains a lot of invalid values" or "This dataset contains credit card information" Adding missing information from external data sources and reference data can be accomplished by the platform.
Klaus said that they use artificial intelligence to help both technical and non-technical users find the data they need. Business and government leaders are aware of the benefits of data. It's not possible to drive innovation centrally. It needs to come from teams and individuals who are able to have access to all kinds of data sources and be encouraged to use it. It is a major compliance, security and governance risk.
Implementation complexity is one of the data fabric's drawbacks. Data fabrics need to expose and integrate different data and systems. There is a need to harmonize and deduplicate data.
Ataccama is in the data management space. The company raised $250 million to more than double its valuation. The company hit 100 million in annual recurring revenue this year.
Klaus claims that Ataccama didn't receive any investment until this point. The company has approximately 200 corporate customers in banking, financial services, insurance, life sciences, healthcare and retail, with around 200 additional business-to-business customers using Ataccama technology provided via original equipment manufacturers.
Ataccama has consistently generated positive cash flow and been able to invest in various growth initiatives. Klaus said that the growth has accelerated in the last 18 months. In the first half of the year, the Pandemic slowed down company growth, but the demand for our technology rebounded in the second and third quarters. The impact on projected growth could be slower if the economy slows down. We will continue to invest in our product because it will help organizations to work with greater efficiency.
The managing director at Bain Capital Tech Opportunities added in an email.
It’s clear that businesses are prioritizing greater control over their data across hybrid and cloud environments, with the ability to derive deeper and more accurate insights from that data. This demand is occurring across the organization, requiring a data management system that is intuitive for employees across multiple functions and departments … We are excited to partner with [Klaus] and his team to double down on product innovation and go-to-market in order to accelerate the major whitespace opportunities they are seeing in nearly every industry.
In the next few months, Ataccama plans to increase its workforce by over 500.
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