In Enterprise File Sharing, Accellion Secures $12 Million

Accellion, Inc. 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.

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.