Endpoint data protection and security firm Code42 announced it raised $85 million in Series B funding to continue expanding its endpoint protection, security, forensics and analytics services.
The funding round was led by new investors JMI Equity and New Enterprise Associates (NEA), with existing investors Accel and Split Rock Partners also increasing their combined ownership in the company, Code42 confirmed Tuesday (Oct. 6).
The company’s total funding raised to date stands at $137 million.
“Code42 is thrilled to welcome to our team world-class investors JMI and NEA,” Joe Payne, president and CEO at Code42, said in a news release. “We protect the most important information for the world’s largest enterprises, and our record growth is being driven by Code42’s unique approach to security and encryption, dominance protecting Macs in the enterprise and unmatched scalability.”
“This funding enables us to grow even faster in endpoint backup and accelerates our efforts to build analytics and actionable intelligence on top of the historical archive of end-user data,” Payne added.
Code42 said there are three primary market dynamics that fuel its growth: the proliferation of Apple machines in the enterprise, an increased amount of corporate data being made available on end-user devices and the overall consumerization of IT.
According to Code42, its enterprise Software-as-a-Service (SaaS) revenue has doubled year over year, with the company now serving more than 37,000 business customers worldwide.
“Code42’s modern approach to endpoint backup answers the call for global enterprises challenged with protecting the growing amount of information living outside of the data center,” said Harry Gruner, founder and managing general partner at JMI Equity.
“We are impressed with Code42’s ability to meet stringent data protection and privacy requirements by allowing customers to control encryption keys wherever their data is stored — public cloud, private cloud or in a hybrid model.”
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