[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Restructuring__ [@Restructuring__](/creator/twitter/Restructuring__) on x 38.6K followers Created: 2025-07-12 01:52:01 UTC 1)A Quick Primer on Smarsh Founded in 2001 by Stephen Marsh, Smarsh began as a niche email archiving solution built for a client on the New York Stock Exchange. The company grew steadily but really began to institutionalize between 2007 and 2013 as it cycled through a series of increasingly sophisticated investors. In January 2007, Kayne Anderson Capital invested $6.8mm in a growth round, providing the company with resources to scale its archiving solutions in a growing regulatory market. By October 2011, Quest Software acquired a XX% stake for $56mm, implying a $93mm valuation - a 4.65x revenue multiple based on Smarsh's then-$20mm topline. Though modest by today's standards, the valuation was in line with 2011 benchmarks for enterprise SaaS businesses. A year later, Quest - and hence Smarsh - was acquired by Dell for $2.4bn. But Smarsh never fully integrated with Dell, and the experience exposed the downside of being a small asset within a sprawling parent. “We didn’t even know who to talk to,” Marsh told The Oregonian. The disconnect led to slower hiring and cautious investment planning. By November 2013, Dell sold its Smarsh stake to Toba Capital - a transaction considered more of a corporate divestiture than a growth move. Still, the company was growing fast and expanding office space and headcount as it embraced its next phase. Then came K1. XXXXX engagements  **Related Topics** [$68mm](/topic/$68mm) [new york stock exchange](/topic/new-york-stock-exchange) [marsh](/topic/marsh) [chapter 11](/topic/chapter-11) [Post Link](https://x.com/Restructuring__/status/1943850806765146496)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Restructuring__ @Restructuring__ on x 38.6K followers
Created: 2025-07-12 01:52:01 UTC
1)A Quick Primer on Smarsh
Founded in 2001 by Stephen Marsh, Smarsh began as a niche email archiving solution built for a client on the New York Stock Exchange. The company grew steadily but really began to institutionalize between 2007 and 2013 as it cycled through a series of increasingly sophisticated investors.
In January 2007, Kayne Anderson Capital invested $6.8mm in a growth round, providing the company with resources to scale its archiving solutions in a growing regulatory market.
By October 2011, Quest Software acquired a XX% stake for $56mm, implying a $93mm valuation - a 4.65x revenue multiple based on Smarsh's then-$20mm topline. Though modest by today's standards, the valuation was in line with 2011 benchmarks for enterprise SaaS businesses.
A year later, Quest - and hence Smarsh - was acquired by Dell for $2.4bn. But Smarsh never fully integrated with Dell, and the experience exposed the downside of being a small asset within a sprawling parent. “We didn’t even know who to talk to,” Marsh told The Oregonian. The disconnect led to slower hiring and cautious investment planning.
By November 2013, Dell sold its Smarsh stake to Toba Capital - a transaction considered more of a corporate divestiture than a growth move. Still, the company was growing fast and expanding office space and headcount as it embraced its next phase. Then came K1.
XXXXX engagements
Related Topics $68mm new york stock exchange marsh chapter 11