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Hightail Secures $34 Million In New Funding
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November 21, 2013

Hightail Secures $34 Million In New Funding

By Tammy Marie Rose, TMCnet Contributing Writer


The file sharing service Hightail has announced that it has secured $34 million in new funding. This was Hightail’s, formerly known as YouSendIt, Series E round and it was led by Western Digital (News - Alert). This new funding round brings the 9-year-old company’s outside investment total to $83 million.


$83 million is a whole lot of cash, but it is a drop in the bucket compared to Hightail’s biggest competitor’s funding numbers. Dropbox has raised over $250 million and Box (News - Alert) has raised more than $300 million.

Brad Garlinghouse, Hightail‘s CEO states, “It’s been almost 4 years since we last raised capital. We’ve been very judicious and very capital-aware in how we’ve grown the business, and we’ve always grown our revenues and our costs in lockstep. We haven’t burned a lot of capital, and that’s something we’re proud of.”

Hightail says that it will focus on using the newly obtained funds to expand it’s reach in the enterprise market. Some of the funding will be used to help the company grow internationally.

Hightail will also be expanding internally. It currently has a staff of 230, which it states it will expand over the next few months. Hightail’s game plan to compete with Dropbox (News - Alert) and Box centers around having more distinct control than its competitors. It will also work on being more compatible with the currently dominant apps than Dropbox and Box.

“We hear from customers that they have a ‘Dropbox problem’ in which they share a folder but all of a sudden it’s deleted because someone else had the access to control it. Those mistakes don’t happen with Hightail because of how we’ve managed version control,” Garlinghouse explains. “And the biggest difference with Box, frankly, is that Box has really evangelized ‘the death of Microsoft (News - Alert),’ but some 90% of businesses today use Microsoft products. Hightail integrates into Sharepoint and Outlook… we complement Microsoft products, rather than say you have to rip them out and replace them.”

Hightail most recently acquired adeptCloud, a file sharing and collaboration company. Hightail helps more than 40 million professionals across the globe securely control and share their files anywhere.

Edited by Cassandra Tucker



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