Code42, a data security and analytics startup headed by former Eloqua Chairman and CEO Joe Payne, received $85 million in Series B funding. The funds are intended to help the company to develop its analytics and data intelligence offerings and expand market share.
"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," said Joe Payne, President and CEO at Code42, who joined the company in July.
The funding comes after a time of considerable growth for the company. Code42 has doubled its enterprise Software-as-a-Service (SaaS) revenue year-over-year, led by global enterprise-wide deployments. Code42 also saw an 85% compounded annual growth rate in annual recurring revenue for its enterprise segment over the past three years, and the volume of data under Code42’s management has grown 4,900% since 2012.
This investment round, which brings the firm’s total funding to roughly $137 million, was led by JMI Equity and venture capital firm New Enterprise Associates. Previous investors Accel and Split Rock Partners also participated.