Egnyte

Egnyte is a developer of a cloud content governance platform designed to help organizations protect, connect, and unlock value from their data and their platforms. The company's platform is designed to integrate with any cloud, storage, device, and business application to enable users to optimize environments developed for collaboration through secure access, centralized control, and unified visibility. Egnyte offers versions of its platform for Windows and Mac and provides apps for iOS and Android to allow users flexibility in their deployment and use of their platform.

Egnyte was founded in 2008 by Vineet Jain, Amrit Jassal, and Rajesh Ram and is headquartered in Mountain View, California with additional offices in Raleigh, Spokane, Draper, Poznan, Reading, and Mumbai. The company's platform is developed to help businesses transition their infrastructure to the cloud and replace file servers, improve content management systems, and provide protection for sensitive content. The company's platform is used by approximately 14,000 customers, including recognized brands such as Arista, Balfour Beatty, BuzzFeed, Nasdaq, Red Bull, and Yamaha.

In 2023, with the company's steady growth reaching $150 million annual recurring revenue (ARR) and the possibility explored that by the end of 2023, the company could surpass $200 million ARR, questions and rumors increased that the company would take itself public. This is especially as the company's latest venture funding round was raised in 2018, and based on conversations from SPACs and private equity firms who want to bring the software-as-a-service (SaaS) company experiencing 35 to 40 percent growth public based on the massive growth potential. And a SaaS company experiencing such growth during a time when other SaaS companies are struggling to grow at the same rate.

This potential goes back to 2018 when comparable companies Box and Dropbox went public. Box went public in 2015 and raised over $1 billion while Dropbox went public in 2018 and raised over $1.7 billion. Both of these companies raised more funding than Egnyte, who raised a modest $137 million in fundraising by 2023, which would place the next funding round for the company at an IPO and bring in great revenue for its investors and for a company that took it public (if it took that route). Despite the rumors and the interest in taking Egnyte public, cofounder and CEO Vineet Jain has poured cold water on the rumor, saying the company expects it will go public at some point, but is not seeking to go public in the near future.

The Egnyte Platform is developed to provide users a secure platform to share and govern all company files. The platform offers users tools including those for sharing and collaboration to allow users to share files and collaborate with other users in real-time; for lifecycle management, including tools to help reduce complexity and reduce risk in the management of large data volumes; for access governance, especially to help meet demanding data privacy and compliance regulations in heavily regulated industries; for meeting data privacy and compliance regulations in the use of data; for data controls and to help users prevent unauthorized sharing of sensitive data; and for threat management, such as detecting internal and external threats, remediating issues, and recovering files.

Egnyte announced in 2023 that the company was adding some generative AI tools to its platform, which already includes AI tools to help with automation on the platform. Much of that previous use of AI has been used for background tasks like privacy, security, and infrastructure management. The new generative AI is expected to be used for tasks such as creating summaries of documents or reviewing transcripts of video and audio to generate a list of key points all through a chat-based interface. The chat-based interface is further intended to allow users to query their data, documents, and other content stored through Egnyte and create more powerful search capabilities in the content repository.

In 2023, Egnyte announced the launch of new Document Rooms where users can create controlled, custom-branded environments for sharing information with and collecting documents from external parties. This feature is intended to help users with external file-sharing use cases, which can be niche- and market-dependent, while still offering a solution users can easily manage, deploy, and monitor for those business purposes.

The solution includes security features, such as encryption, multi-factor authentication, audit trails, and anomalous behavior detection; access controls to help users define and manage access permissions for different users; reporting and analytics to give users insight into behavior and document access patterns; notifications for when users access or makes changes to files; and customization features to ensure the Document Rooms match users branding needs and transaction types.