Bloomberg News

Hightail Raises $34 Million to Finance International Expansion

November 19, 2013

Hightail Inc., the Internet file-sharing company formerly known as YouSendIt, raised $34 million to expand globally and add cloud offerings.

The financing was led by Western Digital Capital and included participation from Accolade Partners, the Campbell, California-based company said today in a statement. Hightail has now raised a total of $83 million.

Founded in 2004, YouSendIt gained popularity by letting users send audio and visual files that were too big for e-mail. Former Yahoo! Inc. executive Brad Garlinghouse joined as chief executive officer last year and has refocused the business on file sharing and remote document access, a market where it competes with Dropbox Inc. and Box Inc.

“The shift in how all users share and store their data create huge opportunities in this space,” Garlinghouse said in an interview.

Hightail’s revenue increased 45 percent last year to $56 million, Garlinghouse said. The company recently opened offices in the U.K. and Australia and doubled the number of salespeople signing up business customers, he said.

In September, Hightail acquired AdeptCloud, a file-sharing company focused on security and privacy. Hightail has more than 40 million users, including those accessing the free product with 2 gigabytes of storage.

Existing backers including Alloy Ventures, Sevin Rosen, Emergence Capital Partners, Adams Street Partners and Sigma Partners joined in the funding round.

To contact the reporter on this story: Serena Saitto in New York at ssaitto@bloomberg.net

To contact the editor responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net


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