Datto worth $4 billion

MSP-focused Datto has raised $594 million after going public and is now worth a cool $4 billion.

The vendor’s share price rose by 20 percent on its first day of trading, before dropping back and ending around four percent up on its IPO price.

The company sold 22 million shares with a value of $27 each; the upper part of the $24 to $27 range the vendor had forecast earlier in the week.

The Connecticut-based firm submitted its IPO application at the end of last month.

Forrester analyst Jay McBain said that a company started 13 years ago in Austin McChord’s mother’s basement piecing together hard drive enclosures was going great guns.

“First unicorn in CT, acquired Autotask, and now a public company worth billions. One hundred percent channel and one hundred percent community grown!”

Founded in 2007, the vendor focuses on managed services around security, data recovery and cloud backup for SMB players. Its key backer is US private equity giant Vista Equity Partners.