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Enterprise file-sharing firm Workshare gets $8.4m from Wells Fargo

Sam Shead | May 9, 2014
Cash to be spent on marketing and developing products.

Workshare, a provider of enterprise file-sharing and collaboration applications to the likes of the BBC, Barclays and Disney, announced today that it has received $8.4 million (£4.95 million) from Wells Fargo Bank.

The software company, founded in 1999 and headquartered in London, said the money from bank's Technology Finance Division will go towards accelerating the development of its enterprise file-sharing and collaboration products for cloud, desktop, and mobile channels.

Workshare previously raised $33.8 million (£19.9 million) in funding from Business Growth Fund and Scottish Equity Partners, which was closely followed by the company's merger with SkyDox and IdeaPlane, a cloud collaboration company and social business platform provider.

The firm claims to have more than two million business users working in sectors such as legal and professional services, banking and finance, life sciences and healthcare.

Steven Osborne, business development officer and director of the UK technology finance team at Wells Fargo Capital Finance said: "Our tech lending team has a deep understanding of the software sector and were impressed by Workshare's business model, which boasts an established recurring revenue model, solid customer base, and high customer-retention rates."

Workshare CEO Anthony Foy said: "We are proud to work with such a professional and experienced tech lending team that understands our vision and business model, as well as Torch Partners who have supported the process. This funding will allow us to continue to develop and provide innovative and highly secure enterprise collaboration offerings that exceed both IT and user needs."

There are a number of other enterprise file-sharing and collaboration platforms out there, such as those offered by Egnyte and Huddle.

 

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