WORKSHARESeptember 2012 | Investment News
Established in March 2009, SkyDox is a provider of cloud-enabled document collaboration software for the enterprise sector and enables business users to keep large quantities of sensitive information secure, to share files and collaborate efficiently on content while reducing the cost of electronic storage and network traffic. The company regularly handles thousands of file collaborations per week on behalf of significant blue chip customers including the NHS, PwC and the European Court of Human Rights.
In September 2012, Scottish Equity Partners (SEP), the UK’s leading growth equity and venture capital investor for innovative companies, and BGF co-invested £20m of growth capital in SkyDox alongside management and other employee shareholders. SEP led the transaction which enabled SkyDox to join forces with Workshare, a document comparison and policy management business, which has a strong position in the legal sector; and will fund growth of the combined business.
Workshare was founded in 1999 and is a strategic supplier to a broad range of professional services companies, particularly within information-centric vertical sectors. Handling millions of the world’s most sensitive documents, Workshare’s customer base spans 70 countries and includes more than 60% of Fortune 1000 companies.
The investment enabled the launch of the first policy-based document collaboration platform, under the Workshare brand, which allows business users to work across mobile, tablet and desktop devices via the cloud. Whilst maintaining its focus on the legal industry, the combined business has secured new customers in other professional service sectors and achieved broader viral adoption of the software for non-subscribing business users.
In November 2012, Workshare, acquired IdeaPlane, an enterprise social network built specifically for highly regulated industries.The deal provided Workshare customers with a complete collaboration and communication solution by integrating IdeaPlane's easy-to-use, secure and compliant social networking features into Workshare's collaboration platform.
The market for online content storage and collaboration software continues to grow strongly, driven by businesses seeking to enable knowledge-based employees to work securely and at their convenience from fixed and mobile devices and to reduce the costs of email traffic, storing and archiving.