19 Dec 2016
UK tech company is transforming the way organisations future-proof digital information
ICON Corporate Finance has secured £3 million funding from Mobeus Equity Partners for Oxfordshire based Preservica to accelerate the uptake of its digital preservation software which is already in use at over 100 corporate and public sector organisations, including BT, HSBC, Transport for London (TfL), the Associated Press (AP), Yale University, New York’s Museum of Modern Art (MoMA) and 16 US State Archives.
Preservica protects and future-proofs digital content which is fragile and can be easily lost or worse, stored in formats that become obsolete and therefore can no longer be used. Technology analyst firm Gartner highlighted this in its 2015 Content Management report: “As formats change, software is retired and hardware becomes obsolete, the data that organisations want to keep can be lost forever.” Preservica’s unique SaaS based active digital preservation software addresses this challenge head on, ensuring digital content is not just securely stored, but also automatically upgraded into formats that can be used and read by future applications and technologies.
Eddie Harding, Partner at ICON Corporate Finance, who ran a competitive process for the funding round and advised management on the deal, said “Preservica is a market leader in a sector which is becoming increasingly vital for government bodies and major global corporate enterprises. We are delighted to have helped Preservica secure this funding which will enable it to expand its sales and marketing operations in the US and throughout Europe.”
Mike Quinn, CEO of Preservica said “Working with ICON on our Series A fundraising was an extremely valuable experience for Preservica. ICON’s deep knowledge of the technology investment market, and how to best approach potential investors with our unique business value proposition for Digital Preservation, paved the way for significant interest from a number of investment partners, and resulted in a great outcome for the company and our stakeholders.”
Mike added “Our current product offering is already recognised as the gold standard for digital preservation at major corporations and institutions worldwide. Everyone at Preservica is delighted by the investment and support we’ve received from Mobeus Equity Partners. It is a real validation of the potential of the business and the growing demand for a digital preservation solution that enables organisations to protect the value of their vital digital information. The funding will allow us to expand our partnering program and accelerate our product vision to make digital preservation a seamless part of the information lifecycle.”
Organisations such as TfL are using Preservica’s platform to work with digital information that is key to maintaining its vast infrastructure, including retaining operating designs for machinery with an expected life-span of 50 years or more. Government agencies, like the Texas State Archives Commission are mandated to retain and provide transparent citizen access to government records indefinitely.
The cloud also has an important role to play as more organisations adopt a “cloud first” approach and leverage the cost-efficiencies and inherent durability of cloud storage for safeguarding digital information. Preservica’s SaaS based software is architected to take advantage of this, allowing organisations to run the software in the cloud or use a hybrid mix of cloud storage connected to an on-premise deployment. The company’s partnership with Amazon Web Services (AWS) will also be a key part of its expansion plans.
Trevor Hope, Partner, Mobeus Equity Partners who led the investment “Preservica is a unique technology company with strong vision and an impressive set of customers. The company has an ambitious plan for growth and a product vision that is transforming the way organizations protect and future-proof digital information. This is a disruptive offering, well matched to a vast and growing unmet market need.”
About ICON:
ICON is an award winning firm of corporate finance advisers to companies and management teams in high growth technology sectors. Experts at selling companies and raising venture capital funding.
For further details contact: Eddie Harding, Partner, ICON Corporate Finance+44 (0) 207 152 6375 eddie@iconcorpfin.co.uk
For full details on our other recent transactions, please visit www.iconcorpfin.co.ukICON Corporate Finance Ltd is regulated by the Financial Conduct Authority and is a member of the BVCA and ICAEW.