Johannesburg, 28 Sep 2012
Johannesburg-based cloud provider, Mimecast has secured $62 million - about R511 million - in funding to focus on technological innovation and the rapid expansion of its US business.
The Series C funding deal is 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 recorded 50% year-on-year revenue growth, recorded in six of the past nine years. It has more than 6 000 customers globally and over 1.5 million users worldwide.
In SA, the operation has 31.2% of the market share, according to the biannual BackChannel Hosted Email Security Report, released in July.
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.
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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