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December 16, 2013

Huddle set for 2015 IPO

The business collaboration software firm also predicted that Microsoft Office will die out.

By Amy-Jo Crowley

Huddle has geared up for an initial public offering (IPO) after recently unveiling a note-taking and sharing application for enterprises.

The London-based company so far has raised $40m in funding from the EU and venture capitalists.

Alistair Mitchell, CEO of Huddle, said: "Not this year, not next year but in the next two to three years, I definitely think that it would be on our horizon. Our number one objective is to build a very big software company, and we’re in the lucky position of being able to do that and help customers."

Box, a rival company, which has raised a combined $312m from venture capitalists and private equity investors, is aiming to raise $500m in an IPO in early 2014.

When asked how this would affect the overall market, Mitchell said: "The more good companies who get to that level the better, right.

"We talk to them a lot, we know them very well and the market generally perceives us and them as being the two leaders in this space, albeit coming from slightly different angles and different parts of the market, but in terms of the cloud, content and collaboration, they see us as really the two leaders, so I wish them all well."

Mitchell also predicted that Microsoft Office would eventually die out overtime as users continue to share and create documents on different devices.

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"We’re already seeing it. We know more and more customers are moving away from the Microsoft stack to the Google stack. We know that Apple has made I Work Now Free – more and more people are using that on their tablets. With the rise of Google, Evernote and Huddle, people are expecting to create content on the fly on different devices," he said.

"I don’t want to have to take my laptop home just because it’s got word on it. My home laptop doesn’t have word on it and most of my time I work on my laptop and that doesn’t have any word processing on it."

In September 2013, a survey by information management specialist AIIM found that a third of IT leaders had struggled to implement Micrsoft’s SharePoint 2013, as users struggled with security issues around cloud technology.

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