Mimecast heading for IPO?

Is Mimecast heading for an IPO? Private companies often start reporting results publicly even when there is no requirement to do so and Mimecast’s announcement today looks like a classic reporting of great results to the market even though the market can’t invest – how frustrating for them but I bet it piques the interest of the brokers and buyers.

Mimecast logo

Mimecast reported another record year with 57 percent revenue growth and more than 1,000 new, proper, paying customers. Revenue for the business has grown to just under £21,000,000 for the year. During the same period, Mimecast’s global customer base grew from 2,700 to almost 4,000. The company also saw a surge in user numbers as the company’s average deal size rose, adding 340,000 users to the grid to reach a total of 906,000. The company expects to pass the million user mark in the second quarter of this fiscal year.

Peter Campbell, Chief Financial Officer, said, “With growth set to continue at between 50 and 60 percent a year and customer retention rates consistent above 97 percent, Mimecast now has a very strong, stable platform from which the company can continue to grow over the coming years.”

In the UK, notable wins in the last twelve months included Action Aid, ARM Holdings, Berrymans Lace Mawer LLP, Cable&Wireless Worldwide, insurance broker Heath Lambert and McGrigors LLP. The company also formed a strategic partnership with Computacenter, through which Computacenter chose Mimecast to support the company’s recently launched Computacenter cloud computing (C3) and cloud email product, C3Mail.

Peter Bauer, Mimecast’s CEO and co-founder commented:

“This year, with IT teams increasingly looking to the cloud to simplify their existing email environments and improve the economics of their IT operations, we’ve been able to create advantages for more companies than ever, alongside our fantastic network of partners. We are delighted with the progress our teams have made globally in the past year, for example in North America where we increased our customer base by 81 percent. We are keen to build on this success in the coming year and will be aiming to increase our market share internationally while continuing to invest in our technology across the board.”

Mimecast’s recent successes have also been recognised in a number of awards. The company was placed in the top ten of the Guardian’s Tech Media Invest, in second place in the Sunday Times Tech Track 100 and fifth in the Deloitte EMEA Fast 500. The company was also identified by analyst firm Gartner as the fastest growing archiving company in the USA.

Peter Bauer will be talking at the BLN Growth Forum on July 5th about growing and maintaining corporate culture in a high performing, fast growing team. As founder and CEO of an organisations that has grown as rapidly as Mimecast (one of the top five performing businesses in Europe according to Deloitte’s Fast 50 based on revenue growth over 5 years), Peter is well placed to share some of his strong opinions on what has worked and what hasn’t for Mimecast over the years.

While the content is great, other outcomes for participants last year included investment, advisory roles, and a few career changes. As well as discussing some of the burning issues facing the leaders of growth businesses, the day considers what happens when things go wrong – and how to get back on track. You will hear stories of success – and failure – and walk away with relevant, actionable opportunities to help strengthen your business – or your money back.

You can see the full programme: http://growthforum2011.thebln.com/ Speakers include:

  • Warren East, CEO, ARM
  • Tim Weller, CEO, Incisive Media
  • Jonathan Milner, Founder & CEO, Abcam
  • Neil Gaydon, CEO, PACE plc
  • Mary Turner, CEO, AlertMe
  • Stuart Miller, CEO, ByBox
  • Ariel Eckstein, Managing Director EMEA, LinkedIn
  • Peter Bauer, CEO, Mimecast
  • David Kelly, VP EMEA, Rackspace
  • Nigel Payne, Director and Prev CEO, Sporting Bet plc
  • Mo Bulbrook, Head of International, Cheapflights Media
  • Martin Leuw, NED, IRIS Software Group
  • Andy Leaver, VP EMEA, Workday
  • Mark Gerhard, CEO, Jagex Games Studio

Themes and sessions:

  • Making it big – targeting big markets and maintaining your lead.
  • Successful sales– making profitable sales a core goal. How to sell against market leaders.
  • Putting people first – creating a culture to attract and retain the people you need.
  • Growth strategies – maximising value from startup to IPO and beyond.

You can see the current attendees here.