Mainsail Partners has recently completed a significant $63 million growth equity investment in the Manchester-based software firm, MirrorWeb. This move is expected to strengthen MirrorWeb’s ability to assist financial services institutions with compliant communication archiving and digital preservation.
MirrorWeb specializes in working with financial services institutions, enabling them to communicate through digital channels such as Teams and Slack while ensuring compliance and archiving needs are met. David Clee, co-founder and CEO of MirrorWeb, highlighted the increasing regulatory focus on maintaining the integrity of financial markets: “Regulators have never been more focused on ensuring the integrity of financial markets, protecting investors and preventing systematic risk to our economy.” Furthermore, he emphasized the value of Mainsail’s investment: “Mainsail’s investment and operational resources will help us continue to support financial institutions as they navigate this environment and to meet their compliance and digital preservation needs.”
Joining the company’s board, Mainsail’s David Farsai and Garrett Jackson, along with Romir Bosu of Nadavon Capital Partners, acknowledged MirrorWeb’s substantial contribution to global compliance management. Farsai, a partner at Mainsail, remarked, “MirrorWeb’s robust and user-friendly SaaS platform is trusted by organisations globally to help them keep pace with the proliferation of communication channels and proactively improve their compliance management.” He articulated the firm’s eagerness to collaborate with MirrorWeb to further product innovation and customer support.
Maven Capital Partners, which has supported MirrorWeb since 2018 with investments totalling over £6.2 million, will exit its long-term backing but retain a minority equity stake. Maven claims a 4.0x return on investment for its VCT funds and a 5.1x return for NPIF Maven Equity Finance. David Clee expressed gratitude for Maven’s early and continuous support, noting, “Maven supported us when we were a small start-up business, they believed in us as a management team and could see the potential in what we were trying to build. Following their original investment, they continued to support us through multiple follow-on funding rounds which were critical to the development of both our product and our commercial strategy.” He added that Maven had played an invaluable advisory role over the past six years, which was instrumental in the company’s growth.
MirrorWeb has demonstrated remarkable progress, particularly in the United States, where backing from Maven facilitated the establishment of a base in Austin, Texas. Jeremy Thompson of Maven emphasised the success of this investment, stating, “MirrorWeb’s story demonstrates what an ambitious Manchester-based business can achieve when a talented leadership team is provided with the right support and funding.” He further noted the strategic benefit of retaining an equity stake post-transaction, underscoring the potential for continued growth and substantial shareholder value. Thompson concluded by praising David Clee’s entrepreneurial leadership, evidenced by his strategic relocation to Austin to tap into the US market.
This substantial investment by Mainsail Partners marks a pivotal moment for MirrorWeb, equipping it with the resources to enhance its compliance solutions for financial institutions globally. The involvement of Mainsail’s experienced team and the continuous strategic support from Maven Capital Partners are expected to drive significant advancements and growth for MirrorWeb in the highly regulated financial services sector.
