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Financing accelerates growth and company’s ability to solve enterprise data protection and security problems
MINNEAPOLIS, MN – Oct. 6, 2015 — /BackupReview.info/ — Code42, the leader in endpoint data protection and security for the enterprise, today announced that it has secured $85 million in Series B funding led by new investors JMI Equity, a growth equity firm focused on investing in leading software and services companies, and global venture capital firm New Enterprise Associates, Inc. (NEA). Existing investors Accel and Split Rock Partners also participated in the financing, increasing their combined ownership in the company. This brings the company’s total funding raised to more than $137 million.
“Code42 is thrilled to welcome to our team world-class investors JMI and NEA,” said Joe Payne, president and CEO at Code42. “We protect the most important information for the world’s largest enterprises; and our record growth is being driven by Code42’s unique approach to security and encryption, dominance protecting Macs in the enterprise and unmatched scalability. This funding enables us to grow even faster in endpoint backup and accelerates our efforts to build analytics and actionable intelligence on top of the historical archive of end-user data.”
Code42’s growth stems from three primary market dynamics: the explosion of corporate data living on end-user devices, the proliferation of Macs in the enterprise and the consumerization of IT. Only Code42 silently and continuously protects every version of every file living and moving beyond the firewall. And, unlike legacy backup built only for Windows®, Code42 was designed for Apple OS X®, Windows and Linux, making it easy to use and manage across all platforms. Code42’s strength as a leader in consumer backup translates to an elegant user experience and wide adoption in the enterprise. In fact, 76 percent of all Code42 file restores are done by end users themselves.
Code42 has doubled its enterprise Software-as-a-Service (SaaS) revenue year-over-year, led by global enterprise-wide deployments.
Other company growth trends include:
“Code42’s modern approach to endpoint backup answers the call for global enterprises challenged with protecting the growing amount of information living outside of the data center,” said Harry Gruner, founder and managing general partner at JMI Equity. “We are impressed with Code42’s ability to meet stringent data protection and privacy requirements by allowing customers to control encryption keys wherever their data is stored—public cloud, private cloud or in a hybrid model.”
“Code42 customers’ backup archive is a unique asset nobody else in security has: all the data,” said Harry Weller, general partner at NEA. “As a result, the company has an opportunity to build a leadership position in unlocking the forensic and analytical value of that data.”
The investment follows a year of strong momentum for the company. In July, Code42 announced Payne, a proven SaaS executive and previously the chairman and CEO of Eloqua, as president and CEO. And, Code42 was named for the third time as one of Forbes’ “Most Promising Companies in America.” Code42’s customer-first mindset—resulting in a 97 percent customer satisfaction rate and a 98 percent customer retention rate—has received national recognition, including a Customer Experience Excellence award from Gartner and 1to1 Media.
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Source: Code 42 Software
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