Insight Ventures' Mimecast raises $78m in IPO

Katharina Semke
23 November 2015

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Insight Venture Partners portfolio company Mimecast, an email service provider, has reached a market cap of $78m following its listing on Nasdaq.

Mimecast offered 7,750,000 ordinary shares at $11 apiece and closed on $10.1 on the first trading day. All of the shares were being offered by Mimecast.

Shareholders before the IPO included Insight with a 19.7% stake, Index Ventures with 17%, Dawn Capital (14.5%) and Rock Trustees (5.4%).

The underwriters for the offering were Goldman Sachs, Barclays, Jefferies, RBC Capital and Oppenheimer.

Prior to the IPO, Mimecast raised around $93m in total from VCs and angel investors. The company's revenues for the fiscal year ending March 2015 were $116m and net income was $285,000. For the six months ending on 30 September, revenues stood at $67.8m.

Previous funding
In September 2012, Insight led a $62m funding round for Mimecast. Existing investor Dawn also contributed to the round.

In 2010, Index and Dawn invested £13m in the firm in a series-B round of financing. In 2008, Dawn injected around €6m into Mimecast.

Company
Founded in 2003 and based in London and Boston, Mimecast operates a cloud-based platform to increase the capabilities of in-house email systems. The firm's platform enables bottomless storage, archiving, virus protection and continuous protected access.

Mimecast has offices in Europe, North America, Africa, the Middle East and the Channel Islands. The company states it has 7,000 customers and 1.8 million users.

People
Peter Bauer is CEO of Mimecast.