– Fivetran, a data integration startup, said on Monday it had raised $565 million in its latest funding round led by venture capital firm Andreessen Horowitz, bringing the company’s total valuation to $5.6 billion.
The California-based company also announced it was buying HVR in a cash-and-stock deal valued at $700 million.
HVR, which provides enterprise data replication services, helps to duplicate data from platforms such as Oracle and SAP to cloud destinations like Amazon.com Inc’s AWS and Microsoft’s Azure.
Cloud companies have seen a surge in demand since last year, as more businesses use their services to fulfill the requirements of a switch in working and learning from home.
Fivetran, which has customers including apparel retailer Forever 21 and payments company Square, said it expects the deal to close in early October.
Existing investors General Catalyst, CEAS Investments and Matrix Partners also participated in the funding round and Fivetran has raised $730 million to date.