Mimecast Limited (Pending:MIME) expects to raise $85.25 million in its upcoming IPO. Based in London, England, Mimecast offers cloud-based security and risk management services for corporate information and email mainly in the U.S., the U.K. and South Africa.

We previewed the MIME IPO on our IPO Insights platform.

Mimecast will offer 7.75 million shares at an expected price of $10 to $12. If the underwriters price the IPO at the midpoint of that range, Mimecast will have a market capitalization of $594 million.

Mimecast filed for the IPO on October 16, 2015.

Lead Underwriters: Barclays Capital, Goldman Sachs, Jefferies LLC, and RBC Capital Markets

Underwriter: Oppenheimer & Co.

Business Summary: A Provider of Cloud Security and Risk Management Services

Mimecast is a provider of next-generation cloud security and risk management services. It offers an integrated suite of proprietary services to protect corporate clients from significant business and data security risks that result from threats to email systems. In addition to security, the company offers archiving, storage, and management services of critical corporate communications that adhere to compliance and discovery requirements.

Its product portfolio includes Mimecast Email Security services, including targeted threat protection beyond conventional gateway security to protect corporations against increasingly advanced and highly targeted attacks. In addition, this service enables administrators and IT specialists to identify and monitor attempted attacks and access audit reports. URL Protect targets threats from emails with malicious links, and Attachment Protect reduces the threat from malware-laden or weaponized attachments utilized in spear-phishing and other types of advanced attacks. The company's Secure Messaging is used for sharing sensitive data with external contacts via email, and Large File Send enables PC and Mac users to send and receive large files directly from Outlook or native Mac apps.

In addition, Mimecast offers Unified Bundles, which is managed from a single administration console and integrates with Microsoft Outlook, and Mimecast Mobile and Desktop Apps for mobile, PC and Mac users to gain self-service access to security features.

The company manages over 90 billion client emails, has 15,000 clients across 100 countries and processes 150 million emails per day.

Executive Management Overview

Co-founder Peter Bauer serves as Chairman and Chief Executive Officer. He served as Managing Director of Idion Solutions, and his first technology venture was FAB Technologies Ltd., which was acquired by Idion Solutions. Mr. Bauer serves as a Director of Mimecast Services Limited.

Chief Financial Officer Peter Campbell is a CPA and serves as Secretary of Mimecast Ltd. as well. His previous experience includes senior financial positions at Bonterra Oil & Gas Ltd., LMS Medical Systems, and Ernst & Young. Mr. Campbell graduated with both a Bachelor of Commerce and Graduate Diploma in Accountancy from Concordia University, and holds a Chartered Accountant Designation with the Canadian Order of Chartered Accountants, and is a Certified Public Accountant in conjunction with the University of Illinois.

Potential Competition: Google, Microsoft, Symantec

Mimecast competes with companies that offer email and data security, continuity and archiving, such as Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Barracuda Networks (NYSE:CUDA), Exchange Online Protections, Proofpoint (NASDAQ:PFPT), MessageOne, HP Autonomy, and Symantec (NASDAQ:SYMC).

Financial Overview: Increasing Revenues, Narrowing Losses

Mimecast provided the following figures from its financial documents for the six months ended September 30:

As of September 30, 2015:

Conclusion: Consider Buying In

Somewhat overshadowed by SQ and MTCH this week, MIME could emerge successful. We are optimistic on this additional Goldman-led deal with solid financials. Based on recent Gartner reports, MIME's estimated market size was $9.4 billion in 2014, projected to be $11.6 billion in 2017.

Stated risks include a highly competitive market, challenges with sales and marketing, and security breaches.

Stay tuned as this deal develops.