Gilmour says the company increased its revenues by 200 percent during the past fiscal year, which ended June 30, 2003, with an annual run rate exceeding $12 million. And, he says, the company expects similar growth over the next year. "By the conclusion of this [fiscal] year, in June of '04, well be in a profitable state," he says. "Our VCs are very happy."
The company has received $17.2 million in funding to date, which includes a $6 million Series C in March 2003. Its backers include Council Ventures, Massey Burch Capital Corp., and River Cities Capital Funds. Gilmour says he doesnt expect it to need any further rounds (see EVault Raises $6M Series C).
Over the past year, the company has also more than doubled its staff, from 40 employees in June 2002 to a headcount of 90 today. Most of the new EVault staff members were added to improve customer support and R&D initiatives, Gilmour says, adding that the company is gaining a lot of customer traction among midsized businesses. Last year, he says, the company added 600 direct service customers, and this year it expects to add another 1,500. In addition, EVault has about 50 customers for its software and 21 partners reselling its products.
Before co-founding EVault in 1997, Gilmour was founder and managing partner at Armstrong Gilmour Accountancy Corp., a regional certified public accounting and business consulting firm.
Eugénie Larson, Senior Editor, Byte and Switch
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