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€48.2 million for cloud email management company Mimecast

27 September 2012 11:08
By Tornado Staff

Mimecast, a UK supplier of cloud-based email archiving, security and continuity for Microsoft Exchange and Office 365, has secured €48.2 million in Series C funding. The round was led by Insight Venture Partners, with existing investor Dawn Capital also participating. Mimecast plans to use the proceeds to fund the development and deployment of new technology, and to support its expansion in the US market.

Founded in 2003 Mimecast unifies disparate and fragmented email environments into one holistic solution that is always available from the cloud. The company’s tools are used to minimize risk and reduce cost and complexity, while providing end-to-end control of email.

Mimecast claims to have played an important role in leading the transition from fragmented LAN-based infrastructures to a single platform cloud solution, Unified Email Management (UEM). The company will now focus on continuing this evolution, by creating an “Information Banking platform that allows businesses to unlock the inherent value stored within corporate email.” Or as CEO Peter Bauer puts it: “At Mimecast, we believe email needs to be rewired if it is to continue to deliver real value to businesses. We are working to make email more collaborative and more interactive to realize 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.”

According to its statement, Mimecast has recorded over 50% year-on-year revenue growth in six of the past nine years and serves over 6,000 customers and 1.5 million users.

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