TigerGraph raises $105M Series C for its enterprise graph database

TigerGraph, a well-funded enterprise startup that provides a graph database and analytics platform, today announced that it has raised a $105 million Series C funding round. The round was led by Tiger Global and brings the company’s total funding to over $170 million.

“TigerGraph is leading the paradigm shift in connecting and analyzing data via scalable and native graph technology with pre-connected entities versus the traditional way of joining large tables with rows and columns,” said TigerGraph found and CEO, Yu Xu. “This funding will allow us to expand our offering and bring it to many more markets, enabling more customers to realize the benefits of graph analytics and AI.”

Current TigerGraph customers include the likes of Amgen, Citrix, Intuit, Jaguar Land Rover and UnitedHealth Group. Using a SQL-like query language (GSQL), these customers can use the company’s services to store and quickly query their graph databases. At the core of its offerings is the TigerGraphDB database and analytics platform, but the company also offers a hosted service, TigerGraph Cloud, with pay-as-you-go pricing, hosted either on AWS or Azure. With GraphStudio, the company also offers a graphical UI for creating data models and visually analyzing them.

The promise for the company’s database services is that they can scale to tens of terabytes of data with billions of edges. Its customers use the technology for a wide variety of use cases, including fraud detection, customer 360, IoT, AI, and machine learning.

Like so many other companies in this space, TigerGraph is facing some tailwind thanks to the fact that many enterprises have accelerated their digital transformation projects during the pandemic.

“Over the last 12 months with the COVID-19 pandemic, companies have embraced digital transformation at a faster pace driving an urgent need to find new insights about their customers, products, services, and suppliers,” the company explains in today’s announcement. “Graph technology connects these domains from the relational databases, offering the opportunity to shrink development cycles for data preparation, improve data quality, identify new insights such as similarity patterns to deliver the next best action recommendation.”


By Frederic Lardinois

Citrix is acquiring Wrike from Vista for $2.25B

Citrix announced today that it plans to acquire Wrike, a SaaS project management platform, from Vista Equity Partners for $2.25 billion. Vista bought the company just two years ago.

Citrix, which is best known for its digital workspaces, sees this as a good match, especially at a time where employees have been forced to work from home because of the pandemic. By combining the two companies, it produces a powerful combination, one that didn’t escape Citrix CEO and president David Henshall

“Together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location,” Henshall said in a statement.

Andrew Filev, founder and CEO at Wrike, who has managed the company through these multiple changes and remains at the helm, believes his company has landed in a good spot with the Citrix purchase.

“First, as part of the Citrix family we will be able to scale our product and accelerate our roadmap to deliver capabilities that will help our customers get more from their Wrike investment. We have always listened to our customers and have built our product based on their feedback — now we will be able to do more of that, faster.,” Filev wrote in a company blog post announcing the deal, stating a typical argument from CEOs of acquired companies.

The startup reports $140 million ARR, growing at 30% annually, so that comes out to approximately 16x its present-day revenue, which is the price companies are generally paying for acquisitions these days. However, as Wrike expects to reach $180 million to $190 million in ARR this year, the company’s sale price could look like a bargain in a few years’ time if the projections come to pass.

The price was not revealed in the 2018 sale, but it surely feels like a big win for Vista. Consider that Wrike has previously raised just $26 million.


By Ron Miller

Citrix pays $200M to acquire Sapho, which connects legacy software with ‘micro apps’

As large organizations grapple with adopting modern work practices without throwing out all of their legacy software, a company that works with them is making an acquisition that it hopes will help with that process. Citrix today is announcing that it has acquired Sapho, a startup that develops “micro apps” for legacy software so that workers could use then as they would more modern applications: in the cloud, on mobile and more.

We understand that the acquisition was for around $200 million in an all-cash deal. It’s a good return: Sapho had raised just under $28 million since 2014 from investors that included AME Cloud Ventures, Louie Alsop, Felicis Ventures and more. Including co-founders Fouad ElNaggar and Peter Yared, the whole team of 90 employees, based mainly in the Bay Area and a development office in Prague, will be joining Citrix.

Citrix, for its part, currently has a market cap of about $14 billion and has been seeing a surge of interest under new CEO David Henshall, who has repositioned it from focusing mainly on virtual private networking services to a more hybrid cloud model, following a wider trend in the world of enterprise IT.

Citrix will be bringing on all of Sapho’s existing business and products. The two companies already have a strong overlap in their customer bases, CEO ElNaggar said, and it was in fact several of those customers asking for more integrations with Citrix services that drove Citrix approaching Sapho for this deal.

“The largest companies in the world are using Citrix and have a massive hybrid environment where they need to provide a more engaging set of experiences for their employees,” Tim Minahan, EVP Business Strategy and CMO of Citrix, said in an interview. “It doesn’t mean they will rip everything out and put in new software, and Sappho provides a great way to leverage that infrastructure and make them more insightful in their decision making. We see it as a way to rethink the role that enterprise apps play in their environment.”

Typical tasks that Sapho today provides integrations for by tapping into legacy software include expense reporting, sales software, IT support tickets and HR tasks. It feeds data from these into services like Microsoft Teams, Microsoft Dynamics, Oracle’s EBS, Salesforce and SAP ERP, Workday, Google Drive and more.

Ahead of Citrix buying Sapho we’d heard that IBM and Microsoft had eyed up the company and entered into early talks, underscoring the work Sapho had done, the deals it was winning, and the gap in the market that it was filling.

 


By Ingrid Lunden