Digital Forensics Professionals Inc. has signed an agreement with Mimosa Tree Capital Partners, LLC that includes a $1 million investment in the Tulsa-based firm.
Digital forensics is the process of investigating and retrieving information from a variety of electronic devices, including computer hard drives, cell phones, file servers and e-mail servers. The market for DFP’s investigative services is approximately $2.5 billion dollars and growing due to the increased use of electronic documents in the corporate and legal industries. The firm attributes the majority of its growth to recent changes to the Federal Rules of Civil Procedure, which set guidelines for attorneys to properly handle electronic evidence.
DFP began seeking financing near the end of 2007. With the majority of its revenue coming from out of the state, the privately owned business saw an opportunity to expand its presence in those markets. DFP’s management met with a variety of investors through The University of Tulsa’s Board of Trustees Technology Commercialization Committee and participated in several venture capital conferences.
“Mimosa Tree was the best fit,” Gavin W. Manes, president and director of research for DFP said. “They’re Tulsans, they have international legal experience, and they understand our business.”
Company officials are also excited about the company’s impact on Tulsa and the state. According to the Oklahoma Department of Commerce, high technology employment decreased 7.7 percent from 2000 to 2005. And as Oklahoma continues to face a shortage of qualified workers, particularly in technology, this investment will allow DFP to hire the most talented technology professionals and keep them employed in Tulsa.
Mimosa Tree is focusing in part on local investment opportunities in Tulsa and the Oklahoma region. DFP plans to use the funding to expand its services to additional metropolitan areas in the region and add to its staff this fall.