# Code 42 Software

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/code-42-software

- Industry: Software
- Headquarters: Minneapolis, US
- Website: www.code42.com
- Total disclosed funding: $138M
- Latest round: Series B (Oct 2, 2015)
- Investors on record: 4

## About

Code 42 Software, Inc. is a US-based company specializing in insider risk management and data protection solutions. Their innovative platform helps organizations secure sensitive data and mitigate insider threats effectively.Founded in 2001 and headquartered in Minneapolis, US, Code 42 Software, Inc. focuses on protecting organizations from insider threats. The company has undergone strategic transformations to enhance its offerings. Matthew Dornquast, the founder, has a background that enhances the company's vision. They have participated in 4 funding deals, with the latest being a Series B round which raised USD 85.00 mn, bringing the total amount raised to USD 85.00 mn and a current valuation of USD 314.34 mn. The most recent deal occurred on July 24, 2024, when Mimecast Services Limited acquired Code 42 Software, Inc. from SharesPost.Code 42 Software offers a comprehensive suite of data protection solutions that focus on insider risk management. Their flagship product, Incydr, is designed to monitor data interactions in real-time, enabling organizations to safeguard critical information from potential exposure and loss. The platform leverages AI technology to enhance detection capabilities, allowing clients to respond promptly to threats. Code 42 serves a diverse range of clients globally, providing tools that address the complexities of modern data protection needs.The revenue model for Code 42 Software is based on subscription services, providing clients with ongoing access to their data protection solutions. Clients typically enter into annual subscription agreements, granting access to various products, including Incydr. The company offers multiple pricing plans tailored to meet the specific needs of different organizations, fostering long-term partnerships through direct-to-consumer engagement, which supports recurring revenue streams.Looking ahead, the acquisition by Mimecast Services Limited is expected to enhance Code 42's capabilities in threat detection and response solutions. The integration will aim to improve product offerings and expand market reach. The rationale behind the acquisition highlights a strategic focus on bolstering security solutions to address increasing demands in data protection. Specific plans for new product launches or geographic expansion have not been disclosed.

## Funding rounds

- Series B, Oct 2, 2015, $85M — Accel, New Enterprise Associates, JMI Equity, Split Rock Partners
- Series A, Jan 18, 2012, $53M — Accel, Split Rock Partners

## Investors

- Accel (https://capitalatlas.ai/funds/accel) — Series A, Series B
- Split Rock Partners (https://capitalatlas.ai/funds/split-rock-partners) — Series A, Series B
- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Series B
- JMI Equity (https://capitalatlas.ai/funds/jmi-equity) — Series B