Technology

Another Cybersecurity Firm in the Mix: Mimecast Files for IPO

Mimecast has filed an F-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list on the Nasdaq Global Market under the symbol MIME.

The underwriters for this offering are Goldman Sachs, Barclays, Jefferies, RBC Capital and Oppenheimer.

This is a leading provider of next generation cloud security and risk management services for corporate information and email. Its fully integrated suite of proprietary cloud services protects customers of all sizes from the significant business and data security risks to which their email system exposes them.

Mimecast protects customers from today’s rapidly changing threat landscape, where email has become a powerful attack vector and data leak concern. The company also mitigates the significant business disruption that email failure or downtime causes. Additionally, the archiving services secure, store and manage critical corporate communications and information to address growing compliance and e-discovery requirements and enable customers to use this increasing archive of information to improve employee productivity.

Currently Mimecast serves roughly 14,500 customers and protect millions of their employees across the world. Its service scales effectively to meet the needs of customers of all sizes and it has optimized its sales organization and channel to address each segment effectively. The company has over 500 employees in nine offices in the United States, the United Kingdom, Australia and South Africa.

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In the filing the company described its finances as:

For the fiscal years ended March 31, 2013, 2014 and 2015, our revenues were $66.8 million, $88.3 million and $116.1 million, respectively, representing year-over-year growth of 32% for 2014 and 31% for 2015. Revenue growth on a constant currency basis was 37% and 33% for the fiscal years ended March 31, 2014 and 2015, respectively. For the three months ended June 30, 2014 and 2015, our revenues were $26.9 million and $33.3 million, respectively, representing year-over-year growth for the quarter of 24%. Growth for this period was 32% on a constant currency basis. Our net losses were $14.3 million and $16.9 million in the fiscal years ended March 31, 2013 and 2014, respectively, and our net income was $0.3 million in the fiscal year ended March 31, 2015. Our net loss for the three months ended June 30, 2015 was $2.2 million.

There are no specific plans for the use of the net proceeds from this offering, but the company expects they will be used for working capital and other general corporate purposes.

 

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