Accellion Raises $12M for Expansion Plans

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By: Lisa Sibley
Multimedia Journalist
Silicon Valley / San Jose Business Journal

Accellion Inc. sold equity to raise $12.2 million, according to a regulatory filing with the U.S. Securities and Exchange Commission last month. The company offered new details on Wednesday about the "Series 3" funding announcement, which came from Menlo Park-based Riverwood Capital, a technology-focused private equity firm.

The Palo Alto-based company provides enterprise-class secure file sharing technologies for mobile-enabled companies. It plans to use the funding to accelerate growth, to continue to invest in developing enterprise-grade mobile file sharing product offerings, pursuing strategic partnerships, and hiring internationally.

"We have just ended a profitable year of record revenue and customer growth for the company," said Yorgen Edholm, CEO of Accellion in a prepared statement. "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."

Baring Private Equity Partners Asia is also an investor in Accellion. The company has raised somewhere in the mid $40 million range to date.

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