Mimecast, the leading supplier of cloud-based e-mail archiving, security and continuity for Microsoft Exchange and Office 365, has today announced that it has secured $62.15 million in Series C funding led by global 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 (CEO) and Neil Murray (CTO), Mimecast has grown rapidly, with over 50% year-on-year revenue growth recorded in six of the past nine years. Today, the company has over 6 000 customers globally and over 1.5 million users worldwide.
In South Africa, the operation has continued to grow its market leadership in cloud e-mail security, netting 31.2% of the market share, according to the bi-annual BackChannel Hosted Email Security Report, released in July 2012.
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 e-mail. The company's technology has already played an instrumental role in changing the way businesses deploy e-mail, 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 e-mail.
Peter Bauer, CEO and co-founder of Mimecast, commented: “Today's businesses are as dependent on e-mail as ever, but increasingly, e-mail struggles to keep up as the way we create, store and share information changes. At Mimecast, we believe e-mail 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 e-mail more collaborative and more interactive to realise the true value of the vast amount of unstructured data in e-mail 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, commented: “E-mail is the most important means of business communication, and better than anyone else, Mimecast delivers a true integrated solution for secure and accessible e-mail. 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 e-mail 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.
For further information on this announcement, please visit: http://www.mimecast.com/Microsites/Campaigns/The-Mimecast-Journey/.
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