SkyDox raises £20m from Scottish Equity Partners and Business Growth Fund to merge with Workshare
The investment was led by Scottish Equity Partners to finance the creation of a combined document collaboration business.
SkyDox provides cloud-enabled document collaboration software that allows enterprises to share files securely and reduce electronic storage costs.
Scottish Equity Partners and Business Growth Fund have co-invested £20m in SkyDox alongside management and employee shareholders to fund the company joining forces with Workshare. The transaction was led by Scottish Equity Partners.
The capital will support the creation of a combined business and finance the launch of a new policy-based document collaboration platform operating under the Workshare brand.
SkyDox offers secure file sharing and collaboration tools for large corporate clients, while Workshare provides document comparison and policy management software tailored to legal and professional services.
From the founder
"By joining forces with Workshare, we are uniquely positioned to help knowledge-based employees improve productivity, without sacrificing enterprise information security requirements. The investment will enable us to deliver on our plans for developing the most comprehensive, effective and secure collaboration platform on the market that integrates into existing productivity, document management and enterprise content management applications."
Anthony Foy
CEO at SkyDox
Investor perspective
"We think this transaction is a fantastic growth opportunity. Workshare will become a significant player in the enterprise online content storage and collaboration software market. The IT market is experiencing rapid transition and with the proliferation of mobile devices, businesses increasingly need solutions that will enable their employees to collaborate securely and efficiently on content generation with colleagues and clients."
Andrew Davison
Partner, Scottish Equity Partners
Use of funds
- 01Continue product development
- 02Fund acquisitions
