by Peter Bauer
On Tuesday night at an award ceremony in central London, Mimecast was recognized as a leader in the UK tech sector for the fourth consecutive year in the Deloitte Technology Fast 50 ranking. Only one other firm has achieved this. So I hope you won’t mind me taking a moment to celebrate this.
The Deloitte Technology Fast 50 is one of the UK’s foremost technology award programmes. Now in its sixteenth successful year, it is a ranking of the country’s 50 fastest growing technology companies, based on revenue growth over the last five years.
The Deloitte Technology Fast 50 is a respected ranking of the 50 fastest-growing technology companies in the UK. The rankings are created by looking at percentage revenue growth of firms over five years. We’re proud that not only did we make the list this year with growth of 526 per cent, but this is our fourth consecutive year in the top 50.
To be ranked once is great recognition of the progress we’re making as a firm but we stand out for making the list four years in a row. This shows we’re leading the pack in our sustained performance in the UK tech sector. This reflects our commitment to ongoing innovation, the constant hard work of our team and the enthusiastic support we’re seeing for our technology and company from our customers, partners and investors. I’d like to thank them all.
If you’d like to find out more about the Deloitte UK Technology Fast 50 you can visit their website here or read our press release for more information.
by Peter Bauer
We’re having a busy week at Mimecast. Yesterday we hosted the UK Government’s Minister of State for Skills & Enterprise in Boston. Today we just heard that we’ve been selected for the UK’s Future Fifty, a fast-track scheme to support high-growth businesses like ours. It’s news that has already been reported in the likes of The Telegraph and I’m sure it will be a talking point in the industry as word gets out.
The Future Fifty is a who’s who of leading technology businesses in the UK. Future Fifty was launched in April by the Chancellor George Osborne and Joanna Shields, CEO of Tech City UK.
The list of firms in this first cohort of Future Fifty is an impressive who’s who of leading technology businesses in the UK. Future Fifty was launched in April by the Chancellor George Osborne and Joanna Shields, CEO of Tech City UK.
Tech City UK, the organization behind the program, named its first 25 companies that they and their expert panel believe are amongst the most promising, high potential growth businesses. We’re delighted to be one of them.
As I said yesterday in my meeting with the Minister, the UK tech sector is showing great promise. This list of 25 shining stars is impressive. Outside this group there is a wealth of talent and great innovation coming from the sector to fuel further growth and success in the future. There is a lot to celebrate in the UK tech sector right now. We’re proud of the part we are playing in that story of course.
by Peter Bauer
UK Government visits Boston. (Left to Right: HM Consul General Susie Kitchens; Matthew Hancock MP, Minister of State for Skills & Enterprise; Mimecast CEO, Peter Bauer; and Tim Luke, Senior Advisor on Business, Trade and Innovation, Number 10 Policy Unit)
Today we welcomed some very important guests from the UK Government to our Boston office. Peter Campbell (CFO), Mark Bilbe (GM, North America) and I met with Matthew Hancock MP, Minister of State for Skills & Enterprise, as well as other representatives of the government including Consul General Susie Kitchens from the British Consulate in Boston.
It was an honor to have them come and see us during their visit to Boston. We had a very informative and productive meeting. We briefed them in detail on Mimecast and our growth story. We also talked extensively about our experiences bringing our business to the U.S. We shared the lessons we have learned that we feel other British businesses, considering the U.S. as an export market, should know.
We are a proud British company and exporter of technology. The UK technology market has come a long way in the ten years we have been in business. A lot has been done by the UK Government and others to build, promote and grow technology education, skills and the commercial sector. There is a lot of talk and excitement in the UK, and now in the U.S. too, about the quality of ideas and firms coming out of the country. The pipeline of businesses across a wide range of internet, business, entertainment and media sectors is inspiring. It is no coincidence that many international investors and technology incubators are also investing heavily in the UK.
The future is looking considerably brighter than it did, even ten years ago when we founded Mimecast.
But to fulfill its real potential, these businesses need to continue innovating, growing, securing significant investment and then expand quickly internationally to turn themselves from domestic success stories into global leaders. All too often we have seen a lack of ambition or long term vision put the brakes on some of our more promising technology firms – they have run out of capital or sold up to established foreign businesses just when things have started to get interesting.
For this reason, we talked with our visitors about the importance of doing more to support and promote these mature businesses entering this critical next phase that decides if they are around for 15-20 years and not just five. They may have stopped being the shiny new start-up we hear so much about out of London’s Tech City or elsewhere, but they have matured to a point where they can make significant economic and employment impact.
We like to think Mimecast has played its part in blazing a trail for these new British technology firms. We had our tenth birthday this year. In that time we have grown significantly at home in the UK and now internationally. Our U.S. business in particular, has seen impressive growth since Mark moved from London back in 2008 to build our business here. I then joined him in 2011. We have expanded quickly from our HQ in Boston, opening offices now in Chicago, Dallas and San Francisco.
We are bringing cloud and software innovation, made in Britain, to arguably the world’s largest and most inventive technology market. We were proud to share the story of how far Mimecast has come, but there is plenty more opportunity and work for us to do.
by Peter Bauer
On the 15th September, The Sunday Times in the UK published its annual list of the country’s fastest growing technology firms – the Tech Track 100.
It was great to see that Mimecast has continued its record of ranking in this prestigious listing of the country’s fast growing firms. This year we secured 79th place with growth of 47% and £42.7m in revenues. We were particularly pleased to see that we are also the 12th largest firm listed this year. If you want to take a look at the full Tech Track 100 article you can find it here.
The Sunday Times Tech Track 100 league table ranks Britain’s 100 private tech companies with the fastest-growing sales over the latest three years.
We are unusual as this was our fourth consecutive appearance in the ranking. In 2010 we were 2nd with £13.3m in revenues; 16th with £20.9m in 2011 and 45th with £31.1m in 2012. As a company matures of course it’s tougher and more unlikely you will hit the percentage levels of growth annually that you see in your start up years and that put you higher in the rankings – in fact most of the top ten this year didn’t even rank in the 2012 list. That said, it’s great to see that we remain one of the leading firms in the UK.
It marks a successful FY2013 for the business. Our strong revenue growth has been built on our ability to combine investment in an innovative technology platform with a top-class team. We’ve grown our installed customer base to more than 7,500 and have over 2m end-users of our services. We achieved significant growth in the U.S this financial year – opening two new offices in Chicago and Dallas, and expanded into new larger spaces in San Francisco and Boston. We also opened our first APAC regional office, in Melbourne, Australia.
As we look to our future, not only do we aspire to being the largest and safest repository of unstructured business data, we’ll also enable companies to exploit this data to its full potential. With our help, data that currently lies fragmented across the network or unused in long-term storage archives, will be secured, consolidated and put to work to become a powerful tool for business change and competitive advantage. We’ll work with our customers to ensure they benefit from the value inherent in their data by converting ‘data at rest’ to ‘data at work’.
So we’ve come a long way and grown significantly but there is plenty left to do.
by Peter Bauer
As we celebrated this week passing the landmark of 2 million users for our service, I was reminded of Malcolm Gladwell’s book ‘The Tipping Point’ which attempts to describe ‘three agents of change’ or acceleration in epidemics. A small group of well connected, vocal ‘persuaders’, combined with a message that resonates (‘stickiness factor’) and a favorable environment for change will, apparently, cause ideas, products and behaviors to spread like wildfire.
Well this has been our experience at Mimecast too. We’ve added 1 million new end-users to our service in just 20 months breaking us through the 2 million user landmark. This, in itself, is impressive and a real milestone for the company, but it’s not only the number of users I’m proud of, it’s the pace of acceleration for the company that’s so thrilling.
Ten years ago, Neil Murray and I set about building a platform for SaaS with the specific objective of addressing the increasingly painful task of managing corporate email. We scored an instant hit with the legal sector, for obvious reasons, and grew from there. It sounds so simple – it wasn’t – but, looking back, we had the 3 core ingredients of Gladwell’s book: an enthusiastic, vocal group of core supporters in the legal sector, a compelling message around reduced cost and complexity of email management and a favourable environment as the benefits of cloud computing were beginning to emerge.
Eight-and-a-half years later and we found ourselves with one million users globally – bingo.
This milestone marked a new stage in the company’s growth. We were able to extract even more value from our customers’ data, moving towards our vision of being the world’s largest Information Bank. This time we reached the next milestone only 20 months later.
These are exciting times to be at Mimecast: we continue to solve painful email problems, but increasingly we’re talking about the value of unstructured data and the potential of our platform to liberate the value of that information and turn corporate email into a corporate asset. And it’s a message that’s sticking: in the last five years, our users have gone from 160,000 to 2 million.