It is undeniable that how we communicate in the workplace has been forever changed. With over 83 percent of organizations not leveraging all the capabilities of their collaboration platforms, including Webex, Microsoft Teams, Zoom, Slack, and more. Our team has played an integral role in advancing collaboration platforms and empowering organizations to securely embrace these platforms to maintain daily business operations.
From a $12.7 million Series A round led by Lightspeed Venture Partners with participation from Cisco Investments and award-winning industry leaders in 2020, we have continued steadfast in our mission to provide a modern and better approach to compliance and security for collaboration platforms for an array of industries from financial services, public sector, education, healthcare, and more.
Following our exponential growth in 2020, we kicked off 2021, announcing our global expansion into the United Kingdom (UK) with the addition of Theta Lake UK Ltd., a dedicated, locally based entity with employees and dedicated UK-focused technology. With more extensive recording and supervision requirements from the UK’s Financial Conduct Authority (FCA) for bankers working remotely or in-office, as well as the increased focus on privacy requirements for video conferencing, Theta Lake’s UK footprint and London-based data center couldn’t have come at a better time.
A huge part of our success is largely due to our strategic and meaningful partnerships with key collaboration platform players such as Cisco, Microsoft, RingCentral, and Zoom. As a result, we’ve had over 850% growth in customer bookings.
2021 highlights include:
- Expanding robust participation enhancements with Webex by Cisco to include capture of Webex Meeting electronic communications, including a full or selective capture of in-meeting chat and transcripts, as well as broadening integrations and availability in Cisco Security solutions.
- Theta Lake Security and Compliance Suite integrated a fifth module for Zoom with the eComms Archive. The eComms Archive integration module delivers selective content archiving options for any content types or modes used within Zoom meetings - all without recording the meeting. With this integration, we have extended our position as a comprehensive and purpose-built compliance, supervision, and security solution for Zoom across industries.
- Achieving compliance recording certification for Microsoft Teams and earning co-sell ready status with Microsoft One Commercial Partner Program. The Call Recording Compliance capabilities and certification adds to an already robust set of compliance and security integrations across Microsoft 365, including Microsoft Teams Chat and OneDrive. Now organizations can selectively record, capture, and archive voice, video, chat (including in-meeting chat) communications to meet regulatory requirements across SEC, FINRA, CFTC, IIROC, MiFID II, and more as well as meet the growing needs of enterprises to supervise communications to provide better safety and security for their organization and employees.
- Deepening partnership with RingCentral to offer joint services and integrated capabilities across multiple industry verticals and Global Service Providers (GSPs) including AT&T, Avaya Cloud Office (ACO), BT, and Telus.
- Publication of our annual Modern Communications Survey Report in October confirmed many of our market observations, such as regulated firms disabling features in collaboration platforms due to the inability to accurately capture and monitor non-email content (in-meeting chat, i.e. electronic communications, polling, Q&A, etc.).
- Numerous awards solidifying our market-leading technology, including the FinTech Global 2022 RegTech 100 and UC Awards’ Best Compliance Product and Best Security Product.
- Recognition by our customers on Gartner Peer Insights with a 4.8 rating and 100% recommending our solution.
- We also enhanced our patent portfolio with new allowances, including one for our industry-first and market leading approach to context-based policy detection of video communication content.
Finally, we joined the Wells Fargo Startup Accelerator to more broadly bring game changing security and compliance solutions to the market. The collaboration between Wells Fargo and Theta Lake further expands compliance and security offerings as financial services firms need to reimagine compliance for modern collaboration.
From growth across customers, capabilities, headcount, and revenue, 2021 proved to be a record year for Theta Lake and there’s more to come as “work from anywhere” continues to be the new normal for organizations of all shapes and sizes.