Mimecast Secures $62M in Funding for Expansion, Innovation
Mimecast, a UK-based provider of cloud-based email management for Microsoft Exchange and Office 365, announced that it has secured $62.15 million in Series C funding. Global private equity firm Insight Venture Partners led the round of funding with existing investors Dawn Capital. According to Mimecast, the company plans to use the funding to support plans for rapid expansion in the U.S. market, while accelerating the development and deployment of new technology.
Mimecast plans to grow its existing customers within the European, American and South African markets, and it also intends to use the funding to drive innovations in corporate email. The company said its technology has helped organizations transition from fragmented LAN-based infrastructures to a single platform cloud solution.
Mimecast plans to further develop its software-as-a-service (SaaS) technology to create n information banking platform, which will allow businesses to unlock the inherent value stored within corporate email and other unstructured datat.
In 2008, Mimecast took its UK formula to the legal vertical in the United States. Mimecast CEO Peter Bauer attributes part of the company’s success in the legal vertical to offering single service at a predictable annual cost. That move has paid off with a 30 percent growth rate for its U.S. legal customer base in the last year. About 20 percent of Mimecast’s total client base are law firms, the balance are from all other sectors including Government, Financial Services, Healthcare and Technology.
The company has over 6,000 global customers, with 70 percent of the UK’s top 100 law firms. Mimecast also works with law firms in Europe, South Africa, Australia, and other offshore markets. Information about Mimecast’s partner program can be found on the company’s website.