Oct
10
2018
--

Egnyte hauls in $75M investment led by Goldman Sachs

Egnyte launched in 2007 just two years after Box, but unlike its enterprise counterpart, which went all-cloud and raised hundreds of millions of dollars, Egnyte saw a different path with a slow and steady growth strategy and a hybrid niche, recognizing that companies were going to keep some content in the cloud and some on prem. Up until today it had raised a rather modest $62.5 million, and hadn’t taken a dime since 2013, but that all changed when the company announced a whopping $75 million investment.

The entire round came from a single investor, Goldman Sachs’ Private Capital Investing arm, a part of Goldman’s Special Situations group. Holger Staude, vice president of Goldman Sachs Private Capital Investing will join Egnyte’s board under the terms of the deal. He says Goldman liked what it saw, a steady company poised for bigger growth with the right influx of capital. In fact, the company has had more than eight straight quarters of growth and have been cash flow positive since Q4 in 2016.

“We were impressed by the strong management team and the company’s fiscal discipline, having grown their top line rapidly without requiring significant outside capital for the past several years. They have created a strong business model that we believe can be replicated with success at a much larger scale,” Staude explained.

Company CEO Vineet Jain helped start the company as a way to store and share files in a business context, but over the years, he has built that into a platform that includes security and governance components. Jain also saw a market poised for growth with companies moving increasing amounts of data to the cloud. He felt the time was right to take on more significant outside investment. He said his first step was to build a list of investors, but Goldman shined through, he said.

“Goldman had reached out to us before we even started the fundraising process. There was inbound interest. They were more aggressive compared to others. Given there was prior conversations, the path to closing was shorter,” he said.

He wouldn’t discuss a specific valuation, but did say they have grown 6x since the 2013 round and he got what he described as “a decent valuation.” As for an IPO, he predicted this would be the final round before the company eventually goes public. “This is our last fund raise. At this level of funding, we have more than enough funding to support a growth trajectory to IPO,” he said.

Philosophically, Jain has always believed that it wasn’t necessary to hit the gas until he felt the market was really there. “I started off from a point of view to say, keep building a phenomenal product. Keep focusing on a post sales experience, which is phenomenal to the end user. Everything else will happen. So this is where we are,” he said.

Jain indicated the round isn’t about taking on money for money’s sake. He believes that this is going to fuel a huge growth stage for the company. He doesn’t plan to focus these new resources strictly on the sales and marketing department, as you might expect. He wants to scale every department in the company including engineering, posts-sales and customer success.

Today the company has 450 employees and more than 14,000 customers across a range of sizes and sectors including Nasdaq, Thoma Bravo, AppDynamics and Red Bull. The deal closed at the end of last month.

Jun
04
2018
--

Egnyte releases one-step GDPR compliance solution

Egnyte has always had the goal of protecting data and files wherever they live, whether on-premises or in the cloud. Today, the company announced a new feature to help customers comply with GDPR privacy regulations that went into effect in Europe last week in a straight-forward fashion.

You can start by simply telling Egnyte that you want to turn on “Identify sensitive content.” You then select which sets of rules you want to check for compliance including GDPR. Once you do this, the system goes and scans all of your repositories to find content deemed sensitive under GDPR rules (or whichever other rules you have selected).

Photo: Egnyte

It then gives you a list of files and marks them with a risk factor from 1-9 with one being the lowest level of risk and 9 being the highest. You can configure the program to expose whichever files you wish based on your own level of compliance tolerance. So for instance, you could ask to see any files with a risk level of seven or higher.

“In essence, it’s a data security and governance solution for unstructured data, and we are approaching that at the repository levels. The goal is to provide visibility, control and protection of that information in any in any unstructured repository,” Jeff Sizemore, VP of governance for Egnyte Protect told TechCrunch.

Photo: Egnyte

Sizemore says that Egnyte weighs the sensitivity of the data against the danger it could be exposed and leave a customer in violation of GDPR rules. “We look at things like public links into groups, which is basically just governance of the data, making sure nothing is wide open from a file share perspective. We also look at how the information is being shared,” Sizemore said. A social security number being shared internally is a lot less risky than a thousand social security numbers being shared in a public link.

The service covers 28 nations and 24 languages and it’s pre-configured to understand what data is considered sensitive by country and language. “We already have all the mapping and all the languages sitting underneath these policies. We are literally going into the data and actually scanning through and looking for GDPR-relevant data that’s in the scope of Article 40.”

The new service is generally available on Tuesday morning. The company will be makign an announcement at the InfoSecurity Conference in London. It has had the service in Beta prior to this.

Jun
28
2017
--

As Egnyte turns 10, it moves into data protection

 Egnyte had a big milestone last week. It turned 10 years old, which is a pretty big deal for a startup. The company has survived and even thrived, but as it moves into its second decade, it recognizes that it can’t live on file sync and share alone, and today it announced the general availability of a new product called Egnyte Protect. The product was introduced in Beta last year, but… Read More

Feb
08
2017
--

Egnyte Connect lets business users access files wherever they live

Network connections depicted over a city. The cloud was supposed to solve the file access problem. The trouble is that when you work for a big company, some of your files may live in the cloud and others on-prem. How do you access all of those files regardless of where they live? Egnyte hopes to settle all of that with the launch of Egnyte Connect for the desktop today. Egnyte has always tried to separate itself from Box and Dropbox… Read More

Oct
03
2016
--

Egnyte announces deep partnership with Microsoft…at Dreamforce

An array of hard drives. Egnyte announced today that moving forward, it would be using Microsoft Azure as its primary cloud partner. While it would continue to support other cloud vendors like market leader AWS, it likely means that the company sees the best way to succeed inside the Azure ecosystem.
In an interesting twist, instead of making the announcement last week at Microsoft’s Ignite conference, Egnyte… Read More

Jun
07
2016
--

Egnyte pushes beyond storage into document protection

File with social network connected to it. Those able to access are green. Those who can't are red. Egnyte has gotten as creative as it could as an online storage company. You could store your files on Egnyte in the cloud, on prem or with a competing storage service if you liked, but the company recognized that storage can only take you so far. Today it announced some new approaches designed to expand beyond that original storage vision. “As a pure-play stand-alone strategy,… Read More

Mar
01
2016
--

New Egnyte product puts customers in control of encryption keys

Old fashioned keys in bank safe deposit box. Egnyte announced a new product today that lets customers control their encryption keys with either a customer-managed offering or a cloud service that requires less heavy lifting and management. While Egnyte (and all reputable cloud vendors) offer end-to-end encryption, some customers require a greater degree of control of their content. Letting customers manage the encryption keys can give… Read More

Jan
27
2016
--

Office Online Gets Real-Time Collaboration For Files Hosted By Microsoft Partners

New-cloud-storage-options-for-Office-mobile-and-Office-Online-2-1024x768 Microsoft announced today that it is expanding the Cloud Storage Partner Program (CSPP) it first announced a year ago and launching deeper integrations with Box, Dropbox, Egnyte, Citrix and ShareFile. One new feature the company is touting is real-time co-authoring for Office Online, even if the documents are stored in the partner cloud services. This means that co-workers can collaborate on… Read More

Oct
21
2015
--

Egnyte Debuts Dashboard For Content Analytics, Talks Path To Profitability

thing Egnyte, a company that provides hybrid-cloud data management services, today released a new method for companies to track and manage content in their control. Egnyte’s CEO Vineet Jain also spoke to TechCrunch concerning Egnyte’s individual financial performance. Egnyte’s new tool, called ‘Smart Reporting & Auditing File Service,’ is a dashboard environment… Read More

Jan
20
2015
--

Egnyte Adds File Auditing, Intelligent Distribution To Hybrid Storage Solution

A hard disk array Egnyte announced a couple of upgrades to their hybrid storage solution today including intelligent file distribution, which can determine the best place to put a file based on usage and IT policies They also announced a new file auditing feature that lets IT track a file wherever it goes, a feature that puts it on par with many of its competitors. Egnyte is part of the popular enterprise… Read More

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com