Changes to tech listing rules tempt Mimecast to consider London IPO

One of Britain's fastest-growing technology companies has said the chances that it could float on the London stock market have increased after the Government signalled that it could ease listing rules.

Cloud-computing specialist Mimecast, which has just been valued at more than $300m (£185m) after a new fundraising, said an initial public offering was a "desirable milestone" in the next few years.

Peter Bauer, the chief executive, admitted that Mimecast was more tempted to float in New York but a more positive approach by City regulators could change that.

"There is a gravitational force towards the US stock market," Mr Bauer admitted. "But certainly some of the recent developments and statements of intentions around the London Stock Exchange from the Government – and also in response to the lobbying that our investor, Index Ventures, has been doing – have put the LSE back on the radar for us as a consideration."

Mr Bauer was speaking as Mimecast reported that it had raised $62.25m from Insight Venture Partners and Dawn Capital.

The London-based firm, which specialises in email management, archiving and security for more than 6,000 clients, claimed the fundraising represented "one of the largest investments in a UK technology firm" in recent years.

Mr Bauer and his co-founder Neil Murray – who are both from South Africa – set up Mimecast in 2003 and plan to use the new cash to expand in the US.

He dismissed suggestions email was out-moded in the social media age but said Mimecast's software helped to make it "much more effective".

Mimecast is keen to float when the market conditions are right. "We talk internally about developing what we call IPO-grade fitness levels," Mr Bauer explained.

UK regulators have come under fire from many tech firms and investors which say that excessive regulation had made London an unattractive place for an IPO.

In response, the Government and the LSE proposed last week that tech companies would have to float only 10 per cent of their shares, rather than 25 per cent, and they would also have to meet less onerous information disclosure rules.

Suggested Topics
peopleFrankie Boyle responds to referendum result in characteristically offensive style
Arts and Entertainment
'New Tricks' star Dennis Waterman is departing from the show after he completes filming on two more episodes
tvHe is only remaining member of original cast
Arts and Entertainment
tvHighs and lows of the cast's careers since 2004
Harry Redknapp. Mark Hughes and Ryan Shawcross
footballNews and updates as Queens Park Rangers host the Potters
ebooksAn unforgettable anthology of contemporary reportage
New Articles
i100... with this review
Holly's review of Peterborough's Pizza Express quickly went viral on social media
New Articles
Arts and Entertainment
musicHow female vocalists are now writing their own hits
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam