Mimecast secures USD62m investment from Insight Venture Partners
Mimecast has secured USD62.15m in series C funding led by private equity firm Insight Venture Partners, with existing investors Dawn Capital also participating.
Mimecast plans to use the funding to accelerate the development and deployment of new technology, and to support plans for rapid expansion in the US market.
Founded in the UK in 2003 by Peter Bauer (chief executive) and Neil Murray (chief technology officer), Mimecast has grown rapidly with over 50 per cent year on year revenue growth recorded in six of the past nine years. Today, the company has over 6,000 customers globally – including 70 per cent of the UK’s top 100 law firms – and over 1.5 million users worldwide.
In addition to growing its existing business within the European, American and South African markets, Mimecast intends to use the investment to drive innovations in corporate email.
The company’s technology has already played an instrumental role in changing the way businesses deploy email, leading the transition from fragmented LAN-based infrastructures to a single platform cloud solution, Unified Email Management (UEM). Mimecast will now focus on continuing this evolution, using its Software-as-a-Service technology to create an Information Banking platform that allows businesses to unlock the inherent value stored within corporate email.
Bauer says: “Today’s businesses are as dependent on email as ever but, increasingly, email struggles to keep up as the way we create, store and share information changes. At Mimecast, we believe email needs to be rewired if it is to continue to deliver real value to businesses. Building on our history of innovation, we are working to make email more collaborative and more interactive to realise the true value of the vast amount of unstructured data in email stores. We believe that the future is a more interactive archiving model, where IT folk and end users alike can derive more value in real time, on a day-to-day basis on any technology platform they choose to use. The cloud has the potential to democratise information management and deliver these kinds of powerful productivity tools to businesses of all sizes, rather than just being the preserve of the largest enterprises.”
Jeff Lieberman, managing director, Insight Venture Partners, says: “Email is the most important means of business communication and, better than anyone else, Mimecast delivers a true integrated solution for secure and accessible email. Mimecast has already achieved strong success and with their product superiority, the industry’s move towards cloud solutions, and a very large market opportunity, we believe that Mimecast is poised to achieve high growth and become the global leader in unified email management. Insight is delighted to share in this journey with management and existing shareholders.”
Shea & Company acted as the exclusive placement agent, and Taylor Wessing acted as lead counsel to Mimecast, supported by Goodwin Procter, on the transaction.
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