The access to additional growth capital will give us the resources to take a big step toward our vision to become the global leader in information management for quality and compliance.
Dallas, TX (PRWEB) April 30, 2013
M-Files Inc., the developer of M-Files metadata-powered cloud, on-premise, and hybrid enterprise content management (ECM) solutions, today announced the closing of a $7.7 million round of Series A funding led by DFJ Esprit, with participation from Finnish Industry Investment.
As part of the transaction, M-Files also announced that Jim Geary and Bob Suh, proven technology leaders with backgrounds at companies such as Accenture, Perot Systems and Pedestal Software, as well as Mikko Suonenlahti of DFJ Esprit, have joined the company’s Board of Directors. EOC Partners, a technology investment banking firm, acted as the financial advisor to M-Files in the transaction.
M-Files is a uniquely flexible solution that puts an end to the outdated folder structure for enterprise-wide document management that dates back to the 1980s. M-Files technology is based on a unique metadata-based approach, which manages information based on what it is rather than where it is stored. This has enabled the company to successfully expand beyond its native Finland by acquiring leading US customers including AstraZeneca, SAS, Pandora, United Nations Environment Program (UNEP), Northrop Grumman Corporation, Charles Schwab, Hecla Mining, Elekta, Hill + Knowlton and many others.
"One way to understand the M-Files metadata-powered approach is to look at the iPhone," said Greg Milliken, president of M-Files Inc. "When you put music on the iPhone, you don’t put it in a music folder, the device just knows it is music and it shows up where and how you expect it, grouped by artist, genre, date, etc. This is what M-Files does for information management, and when companies experience it, the effect is a revolutionary change in their business. Think Enterprise Document Management 2.0, or the combined power of Dropbox AND Documentum but for enterprise scale businesses."
The infusion of new capital will accelerate and further fuel M-Files’ rapid growth plans in the US market and bolster its sales and marketing footprint through a worldwide partner channel, while also deepening its focus on compliance in select vertical industries. M-Files is built upon a truly revolutionary metadata-powered platform that forms the basis of a variety of targeted solutions for document management, quality management, enterprise asset management, contract lifecycle management and more.
“We're ecstatic to have earned the confidence of the team at DFJ Esprit, part of the DFJ global network," continued Milliken. "The access to additional growth capital will give us the resources to take a big step toward our vision to become the global leader in information management for quality and compliance."
DFJ Esprit Managing Partner, Stuart Chapman, said, "At DFJ Esprit, we've always been firm believers that world class intellectual property exists in Europe - the kind that can easily succeed in the global market if given the right growth support from day one. Our partnership with Finnish Industry Investment is strong and Finland is a leading technology country that we are proud to invest in. We are looking forward to supporting M-Files continued growth and success in the global market with investment and solid experience on how to build out their international reach."
M-Files spans the chasm between lightweight file sharing tools that are perceived as easy to use but lack important features, and large entrenched "dinosaurs” that have lots of features but are extremely expensive and complicated. By leveraging a more precise and configurable "folder-less" architecture with seamless support for on-premise, cloud and hybrid deployments, M-Files resonates with customers and partners. The recognition of M-Files as a player in the global ECM and document management markets has been further validated by the company's inclusion in the 2012 Gartner Magic Quadrant for Enterprise Content Management.
About DFJ Esprit
DFJ Esprit is a leading cross-stage venture capital firm that invests from seed to late stage in European technology and media companies. Members of the DFJ Esprit team have experience of investing in over 200 companies and generating strong returns for investors through building valuable companies alongside the founders and management teams. DFJ Esprit is the exclusive European partner for the Silicon Valley-based DFJ Network with offices in over 30 cities around the world. http://www.dfjesprit.com
About M-Files Inc.
M-Files enterprise content management (ECM) solutions transform how businesses manage, secure and share information with a unique metadata-driven approach that organizes and processes content based on what it is, rather than where it resides. Thousands of businesses in over 100 countries use M-Files on-premise, in the cloud or in hybrid environments to improve productivity and quality, and to ensure compliance with industry regulations and standards, including companies such as AstraZeneca, SAS and EADS. For more information, visit http://www.m-files.com.