Since the Enron and WorldCom scandals, interest in KVS’s e-mail technology has increased. Its programs allow e-mail to be stored, copied, searched for key words or deleted after set periods of time. This allows companies to monitor electronic correspondence, which now accounts for more than a third of all business communication.
The software is aimed at retrieving information pertinent to a deal or meeting, but when one company searched its e-mail for “coke”, it discovered that a member of staff was dealing drugs.
KVS was founded in 1999 by Nigel Dutt and Eileen Christie, who brought with them a team of 23 software engineers from Compaq, their former employer. The Berkshire company has raised £14.5m from four venture-capital firms, including Cazenove, and says it is about to receive a further £10m of funding.
Sales to clients including CSFB, Orange and Audi have increased 239% a year from an annualised £709,000 in 2000 to £8.1m in 2002 and are forecast to almost double this year. KVS make a big loss last year but expects to break even in 2003.
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