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Press Release: Preservica [December 19, 2016]

Digital Preservation specialist Preservica secures £3 million in growth funding to fuel expansion

Oxford, UK and Boston, MA | 19 December 2016 | Oxfordshire based, UK tech business Preservica is changing the way companies and organisations world-wide safeguard digital information. Having secured £3 million in growth funding from Mobeus Equity Partners, the company plans to accelerate the uptake of its digital preservation software which is already in use at over 100 large and small corporate and public sector organisations, including BT, HSBC, Transport for London (TfL), the Associated Press (AP), Yale University, New York's Museum of Modern Art (MoMA) and 16 US State Archives.

Demand for Preservica's software, which protects and future-proofs digital information, is being driven by digital transformation initiatives and the need to keep digital information for longer for compliance, legal defence, and knowledge re-use.

Digital content is fragile and can be easily lost or worse, stored in formats that become obsolete and can't be used. Technology analyst firm Gartner highlighted this in its 2015 Content Management report[1]: "As formats change, software is retired and hardware becomes obsolete, the data that organisations might want to keep can be lost forever."

Preservica's unique active digital preservation software addresses this challenge head on, ensuring digital content is not just securely stored, but also automatically recycled into formats that can be used and read by future applications and technologies.

"Preservica is a unique UK technology company with strong vision and an impressive set of customers," says Trevor Hope, Partner, Mobeus Equity Partners. "The company has an ambitious plan for growth and a product vision that is transforming the way organisations protect and future-proof digital information. This is a disruptive offering, well matched to a vast and growing unmet market need."

"Our current product offering is already recognised as the gold standard for digital preservation at major corporations and institutions world-wide," says Mike Quinn, Preservica CEO. "Everyone at Preservica is delighted by the investment and support we've received from Mobeus Equity Partners. It is a real validation of the potential of the business and the growing demand for a digital preservation solution that enables organisations to protect the value of their vital digital information. The funding will allow us to expand our partnering program and accelerate our product vision to make digital preservation a seamless and automated part of the digital information lifecycle."

The value of safeguarding digital information cuts across every sector and has wide ranging benefits. HSBC, which recently celebrated its 150th anniversary, uses its rich repository of digital material to enhance the value of its brand and protect vital corporate records.

Other organisations such as TfL are using Preservica's platform to work with digital information that is key to maintaining its vast infrastructure, including escalators with an expected life-span of 50 years or more. Government agencies, like the Texas State Library and Archives Commission are mandated to retain and provide transparent citizen access to government records indefinitely.

The list goes on from clinical trials data in the Pharmaceutical sector, to environmental impact records for large construction projects, to regulatory compliance in financial services and energy sectors. Healthcare is also looking to invest in digital preservation to meet accessibility of patient data for 75 years or more, while other organisations are looking to protect intellectual property and re-use research data and digital information for product innovation and competitive advantage.

The cloud also has an important role to play as more organisations adopt a "cloud first" approach and leverage the cost-efficiencies and inherent durability of cloud storage for safeguarding digital information. Preservica's digital preservation software is architected to take advantage of this, allowing organisations to run the software in the cloud or use a hybrid mix of cloud storage connected to an on-premise deployment. The company's partnership with Amazon Web Services (AWS) will also be a key part of its expansion plans.

[1] Gartner "Cool Vendors" in Content Management 2015

About Preservica

Preservica is a world leader in digital preservation technology, consulting and research. Our active preservation solutions are used by leading businesses, archives, libraries, museums and government organizations globally, to safeguard and share valuable digital content, collections and electronic records, for decades to come. These include many European national archives and Libraries, 16 US State Archives, Yale University and HSBC, to name a few.

Available on premise and in the cloud, Preservica's award-winning digital preservation and access software is a complete, standards-based (OAIS ISO 14721) trusted repository that includes connectors to leading Enterprise Content and Records Management systems to ensure long-term usability, trustworthiness and preservation of vital digital records, emails and content.

Visit: www.preservica.com

For further information, please contact: Ilona Hitel, ihitel@thecommsco.com, or mobile: 07734 355205.

About Mobeus Equity Partners

Mobeus is a leading small-cap investor which invests up to £15 million into UK-based companies across all sectors.

Mobeus's other new investments in 2016 include:

  • Redline Assured Security www.trustredline.co.uk
  • MPB Group www.mpb.com
  • Bookingtek www.bookingtek.com
  • Kinneir Dufort www.kinneirdufort.com
  • Factor 21 www.factor21.co.uk
  • Biosite biositesystems.com

Summary: Oxfordshire based, UK tech business Preservica is changing the way companies and organisations world-wide safeguard digital information. Having secured £3 million in growth funding from Mobeus Equity Partners, the company plans to accelerate the uptake of its digital preservation software which is already in use at over 100 large and small corporate and public sector organisations, including BT, HSBC, Transport for London, the Associated Press, Yale University, New York’s Museum of Modern Art and 16 US State Archives.
Publication Year:2016
Type of Material:Press Release
LanguageEnglish
Date Issued:December 19, 2016
Publisher:Preservica
Company:
Company: Preservica
Permalink: https://librarytechnology.org/pr/22111

LTG Bibliography Record number: 22111. Created: 2016-12-19 07:39:47; Last Modified: 2016-12-19 07:41:07.