2012's largest funding deals for a UK based technology firm
UK based Mimecast, a supplier of cloud-based email archiving, security and continuity for Microsoft Exchange and Office 365, has secured $62m in Series C funding New York-based Insight Venture Partners.
Claimed to be the current year's largest funding deals for a UK technology firm, the funding will be used to speed up the development and deployment of new technology and supporting rapid expansion plans in the US market.
Mimecast CEO and co-founder Peter Bauer said today's businesses are as dependent on email as ever but, increasingly, email struggles to keep up as the way the firm creates, stores and shares information changes.
"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," Bauer said.
"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."
The investment will also be used to focus on using its Software-as-a-Service technology to develop an Information Banking platform that enables businesses to unlock the inherent value accumulated within corporate email.
Furtther the firm is also planning to use the fund in spending for research and development on new products, in addition to acquisitions.