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Mimosa Raises $17M

SANTA CLARA, Calif. -- Mimosa Systems, a leader in live content archiving solutions, today announced that it has closed $17 million in mezzanine financing. Focus Ventures led the funding round, joined by current investors August Capital, Clearstone Venture Partners, JAFCO Ventures and Mayfield Fund. Mimosa will use the investment to expand the Mimosa NearPointTM footprint globally and to continue to capitalize on the multi-billion dollar market opportunity for next-generation content archiving.

The Mimosa NearPoint content archiving solution is delivering real value for hundreds of customers and partners across North America, Europe, Japan, and Asia Pacific. NearPoint addresses critical customer requirements for email and file system archiving, eDiscovery, regulatory compliance, content monitoring, disaster recovery, data protection and storage management in a unified, easy-to- use solution.

According to IDC, the worldwide email archiving applications market grew 48 percent in 2007 over the last year driven by the need for email archiving to satisfy compliance, legal discovery, and storage optimization requirements. Archiving applications are a critical foundation of the legal discovery infrastructure platform market1, which IDC expects to approach more than $22 billion in 20112.

"The FRCP changes for electronic discovery compelled corporations to adopt and consistently enforce its records retention practice as a key component of their preparations for the Rule 26(f) conference deadlines," said Vivian Tero, Program Manager, Compliance Infrastructure at IDC. "More corporations are deploying content archiving applications like Mimosa NearPoint to automate the retention of critical content such as emails and file data, as well as to support their legal hold obligations."

Mimosa Systems Inc.