2014 is shaping to be quite a year for Egnyte, the file sharing for enterprise company.  The major players in the industry (Box and Dropbox) fighting over the top spot, while Egnyte is firmly securing itself as the #1 file sharing alternative to Box and Dropbox in the enterprise.  Egnyte announced this week that they are expanding in the US with offices in Spokane, WA and New York, and adding even bigger news is that they are establishing a headquarters overseas in London, England. Egnyte has been experiencing exponential growth in revenue year over year and rising customer base to over 40,000 paid customers.  Global expansion figures to be a crucial tactical development.  Given Box’s impending IPO and Dropbox’s $10B valuation, it is important to note that with one of the lowest hanging capital overhangs in the market at $66.7M, Egnyte is poised to be the next serious target for acquisition or an IPO by the end of the year.

“Egnyte’s phenomenal results and success globally validates the unprecedented demand for a comprehensive enterprise file-sharing solution that provides secure access to 100% of customer files from any device, no matter where those files actually reside,” said Egnyte founder and CEO Vineet Jain. “We’re investing heavily in our global operations so we can address new markets and better support our existing customers around the world. Egnyte’s commitment to provide superior customer service, combined with the addition of regional resources, will enable our customers and partners to receive attentive and dedicated local support, while allowing us to expand strategically into new markets.”

In a briefing with Jain, we discussed this tactical expansion and the opportunities that lie ahead.  The company is on a path to more than double revenue at the end of 2014 and this expansion fits into that by enabling the company to meet growing global demand for its leading enterprise file sharing platform across a spectrum of company sizes in countless verticals.  The company recently closed a funding round of $29.5 million dollars and those funds in part will be a part of this expansion.  It means a lot of hiring going on over at Egnyte in marketing, sales and development and in the case of the new US offices, it takes advantage of a rich talent pool emerging from Washington State University and Gonzaga.  In addition to all of that, their Poland office expects to double in staff, an indicator of the strength the company enjoys in that market.   On the East Coast, Egnyte is also expanding their sales team, which will focus on generating new business there and service existing accounts.

So, growth all around – but what is driving it?  For starters, it’s a very needed product.  Compliance and regulations, cloud, mobility, remote capabilities and administration issues are creating demand for robust file sharing and Egnyte’s product is built for secure, scalable and flexible file sharing in any environment.  It’s a magic mix of demand meets solution and that’s why the company’s seeing this rapid growth.  The company also provides great support and enterprise features throughout in their rapidly developing product line.  Modern file sharing needs are just not being met by traditional file sharing technologies, and that’s the opportunity that Egnyte is capitalizing on. 

 photo credit: Patrick Q via photopin cc