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Business Management

No longer a secret, Mimecast CEO pulls off $0.5bn IPO

Mimecast, one of the most closely watched UK business technology companies of recent years, went public yesterday and I caught up with the company’s CEO Peter Bauer for 10 minutes by phone.

The firm has its roots in London but elected to trade its shares on the tech-laden NASDAQ exchange, and was valued at well over $500m as this article was being drafted, even though its price drifted below that of the initial offering.

Bauer, a South African who splits much of his time between the UK and the US, said he felt the company was still British at its core but was adopting a global outlook. The publicity attracted by a US IPO would help “tell the story for one of the best-kept secrets” in business software, he added.

In this he is surely correct. Although immediate uptake of Mimecast stock might have been tepid, the company merits attention. Best known for email security in the cloud, providing a highly reliable subscription-based income, the company also stands guard over a huge bank of messaging metadata. Its ability to mine that data for customers could make it worth far more in the future.

Bauer also thanked Udi Mokady, the CEO of fellow security company CyberArk, who he said had provided counsel during the IPO process. CyberArk itself went public about a year ago.

Mimecast’s market debut was a little overshadowed by the same-day offerings of Square and Match.com. Bauer, a natural comedian with an impish sense of humour, jested that more “hook-ups” are likely to have occurred on email than the dating network.

 

Also read:

Mimecast CEO swerves ‘frothy’ markets, plays a long game

Mimecast’s next trick: unlocking unstructured data

Emotion, graft and focus: Inside a tech IPO

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Martin Veitch

Martin Veitch is Contributing Editor for IDG Connect

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