Mirapoint Buys Archiving Vendor Intradyn

Messaging vendor Mirapoint recently announced it will buy archiving vendor Intradyn.

Benefits for Mirapoint

  • Intradyn has 500 direct customers, which represent upsell opportunities for Mirapoint's messaging and security products. Note that these direct customers do not include indirect ones from Intradyn's OEMs.
  • Intradyn has good support for Asian user interfaces, especially for Japan and China. Mirapoint already has a major focus on these markets.
  • Intradyn has archiving support for non-Mirapoint messaging systems, via client-side plugins for Outlook, Notes, and GroupWise. Mirapoint believes it has upsell opportunities in those environments.
  • Intradyn's archiving works not just with end customers, but also with service provider solutions. SaaS vendors are an important part of Mirapoint's customer base.

Terms of Transaction

  • Very little information disclosed.
  • We estimate an enterprise value (price for company plus debt minus cash) of $7M.
  • We estimate Intradyn revenues at $4M annually.
  • Intradyn was not profitable. The deal includes some debt.


  • We estimate Mirapoint revenues at $25M to $30M annually; Sr VP Frank Knifsend assures us that over the last three quarters, the company has achieved profitability (albeit possibly at a marginal level).
  • Mirapoint has recently had a major drive to reduce costs.
  • Mirapoint did a round of funding in Fall 2007, raising about $10M.
  • Mirapoint says it's seeing success in Japanese and Chinese marketplaces, partly because Exchange and Notes are far less entrenched there.
  • Mirapoint feels that Intradyn's in-client search (as opposed to search via a Web page) is an important competitive strength in the Notes/GroupWise market.
  • Future Intradyn support for its OEMs--including McAfee/Secure Computing, Sony, and Tangent--is unclear.

... David Ferris

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