Preservica future-proofs growth with Mobeus investment
Mobeus has provided £3 million of growth capital to Preservica, a world-leader in digital record preservation software which future-proofs digital assets to ensure that information is accessible irrespective of future changes in technology.
Available on premise or in the Cloud, Preservica’s digital preservation and access software is used across the globe by leading businesses, archives, libraries, museums and government organizations to safeguard and share valuable digital content. These include many European National Archives and Libraries, 17 US State Archives, the European Commission, Yale University and HSBC. Demand for Preservica’s software is being driven by digital transformation initiatives and the need to preserve vital digital records, emails and content for compliance and legal requirements as well as knowledge re-use.
The market for preservation of digital data is still at a relatively early stage of adoption, largely confined to memory institutions such as museums and government bodies. However, the addressable market is forecast to grow rapidly as the management of digital assets is recognised as a critical requirement across a much broader range of industries, including financial services, utilities, healthcare and education. The funding that Preservica has just raised will be used to expand the team to capitalise on this very significant opportunity and further develop Preservica’s market-leading product.
Mobeus’s history with the Abingdon-based business dates back to 2012, when it first backed Tessella, a highly specialised consultancy which developed Preservica. The Preservica business was retained by the shareholders as it was carved out of the sale of Tessella to French trade buyer Altran just over a year ago in a deal which generated a return of 2.9x capital for Mobeus shareholders.
Trevor Hope, Mobeus Partner who led the deal and joins the Board, said: “We are delighted to continue to back a world-class technology we’ve worked with for four years. Our deep, shared history means we already knew we had a very strong team in place and, following the sale of Tessella, we have been entirely focussed on maximising this opportunity, the scale of which is very significant indeed.”
Mike Quinn, CEO of Preservica, adds: “Everyone at Preservica is delighted by the investment and continued support from Mobeus Equity Partners. The funding will enable us to capitalise on the growing demand for our digital preservation software across the globe. In particular, it will allow us to expand our partnering program and accelerate our product vision to make digital preservation a seamless part of how organisations protect their valuable digital information.”
Mobeus was advised by Cake Solutions (Technical); James Cowper Kreston (Financial); Stratton HR (Management and recruitment).