Cocoon Data, a local encryption and data protection company, has put its secure-file-sharing business on the market as it pivots to focus its attention on a new API encryption service for software developers.
A sale flyer has been circulated among prospective buyers, with non-binding indicative offers expected early next month. The deal is set to be completed before the end of the year, sources told Street Talk. The file-sharing service charges per user, starting from as few as 10 per organisation – from about $US25 per month.As for the numbers, sources said the company had annual recurring revenue of around $5 million, and a pipeline to get that to $30 million. The company has recorded a compound annual growth rate of 40 per cent over the past three years and gross margins run at over 70 per cent, given its low operating costs.
from wealthy individual investors in a pre-IPO funding round as it worked on its defence accreditations in the US.