Palo Alto, Calif.-based Accellion Inc., a maker of cloud-based file sharing and collaboration software, has raised $12 million in funding from private equity firm Riverwood Capital. The money will be used for expansion. Riverwood joins Baring Private Equity Partners Asia as an investor in Accellion.
Accellion, Inc., today announced a $12M Series 3 round of expansion funding from Riverwood Capital, a technology-focused private equity firm. The new funding follows a record year for new customer growth, revenue, profitability and positive cash generation. The company will use the investment to accelerate its rapid growth, continue to invest in the development of enterprise-grade mobile file sharing product offerings, pursue strategic partnerships, and grow the Accellion team internationally.
The world’s leading corporations and government agencies rely on Accellion enterprise file sharing solutions. Accellion cloud-based solutions span public, private and hybrid cloud deployment, for secure anytime, anywhere, any device access to information while ensuring enterprise security and compliance.
“We have just ended a profitable year of record revenue and customer growth for the company,” said Yorgen Edholm, CEO of Accellion. “The adoption of iPads and the resultant use of unmanaged ‘dropbox-type’ applications are creating real security and compliance issues for organizations. Smart companies, proactively meeting the challenge and looking for a solution for secure, mobile access to enterprise content, are fueling our rapid growth. We are pleased to partner with Riverwood to help us take full advantage of these market conditions and reach the company’s growth potential for the coming years.”
“Accellion is a pioneer in enterprise-grade secure, cloud file sharing and collaboration offerings. Unlike consumer-based applications, Accellion solutions meet both the requirements of business users for easy anytime, anywhere access to enterprise content, as well as the requirements of IT to retain control over access and security of information,” said Jeffrey Parks, Founding Partner of Riverwood. “We are excited about the company’s prospects moving forward as it expands and grows in 2012.”
Riverwood Capital joins Baring Private Equity Partners Asia as key investors in Accellion.
About Riverwood Capital
Riverwood Capital is a globally focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies. Riverwood was established by a talented group of private equity and technology industry executives, which gives Riverwood a unique combination of operational, strategic, financial and technical insight into investment candidates. The founders group includes Michael Marks, Chris Varelas, Thomas Smach, Nicholas Brathwaite, Francisco Alvarez-Demalde and Jeffrey Parks, and the firm has approximately $1 billion of assets under management across two funds. Riverwood has offices in Menlo Park, CA, and New York, NY, and currently has more than 20 investments in North America, Latin America and Asia. For more information, visit www.riverwoodcapital.com.
The world’s leading corporations and government enterprises rely on Accellion mobile, cloud-based file sharing and collaboration solutions to secure their enterprise information and ensure compliance. Founded in 1999, Accellion is the leading provider of enterprise file sharing solutions that enable secure anytime, anywhere, any device access to information while ensuring enterprise security and compliance. Accessible to employees and external users from the Web, iPad, iPhone, Android and BlackBerry mobile devices, Accellion secure file sharing solutions offer the widest choice of deployment options that span public, private and hybrid clouds. The company is headquartered in Palo Alto, California with offices in North America, Asia, and Europe.