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Synology and The Wall Streets Journal tie up for $1.3B in IPO

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Synology, Inc. said it is closing a $1 billion Series A round that also included other investors, bringing its total investment to more than $1B.

The deal was announced Tuesday, according to people familiar with the matter.

Synology’s shares are up 1.5% to $15.30.

The $1bn round, which Synology also said included an equity participation, was led by Jana Partners, a venture capital firm focused on technology-enabled solutions.

The company also said it plans to raise a $3.2 billion Series C funding round in addition to the $1 B. “Our new CEO, Neil Mihalek, is leading our efforts to expand our business and grow its business across the globe,” Synology CEO Neil Muhalek said in a statement.

“The new round, and the investment it will deliver, will further enhance our ability to drive revenue growth in the long term.”

Synology said it will use the proceeds to bolster its infrastructure, add new cloud-enabled products, and continue to improve its cloud-based storage offerings.

Synologist also said that it is in discussions with existing shareholders and potential potential new investors to continue the company’s growth.

“We look forward to working with our existing shareholders in the coming months to continue to build the company, while building on our strategic partnerships with a wide range of partners to continue delivering value to our customers,” Mihalko said in the statement.

Synologists shares were up 2% at $17.97 in premarket trading.

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