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Nitrosecurity Secures $10 Million in Funding
Funding to Support Market Expansion and New Product Development
Portsmouth NH, August 13 2008 - NitroSecurity, Inc., a provider of high performance,
unified information security solutions, today announced that it has secured $10 million in
financing. The round was led by NewSpring Capital of Radnor, Penn. and Short Hills, NJ
through NewSpring Ventures, its dedicated growth and expansion stage venture fund.
The round included strong support from NitroSecurity's previous investors, First Analysis
and Brookline Venture Partners. NitroSecurity will use the new monies to fund market
expansion through sales, marketing and channel growth, as well as new product
development. The growing landscape of security threats that pose risk to the enterprise
are forcing companies to make smarter decisions regarding the solutions they implement.
NitroSecurity offers a suite of unified information security solutions that supplants the
need for disparate products and services from multiple vendors. The Company's award-winning product portfolio includes integrated solutions for Security Information and
Event Management (SIEM), Log Management, Network Behavior and Anomaly
Detection (NBAD), Database Activity Monitoring and Network Intrusion Prevention and
Detection.
"There is a big theme of unification that has been picking up steam in the security
industry as companies are looking for ways to secure their networks with less
equipment," said Glenn Rieger, general partner of NewSpring and member of
NitroSecurity's board of directors. "NitroSecurity has had tremendous success addressing
this theme and in generating momentum in the market. Strong partnerships, key strategic
acquisitions, a growing roster of global customers and increased adoption in a variety of
verticals such as higher education and the government sector, prove that the Company is
poised for continued success."
"This round of funding will allow us to continue to innovate our suite of IT security
solutions to include next-generation SIEM functions like predictive event correlation and
deeper event-to-flow forensics," said Ken Levine, chief executive officer, NitroSecurity.
"In addition to further product development, we will also be expanding our global
channel program to extend our reach into the mid-market."
About NitroSecurity
NitroSecurity is the leading supplier of Unified Information Security solutions that
provide Edge-to-Core network security for over 500 enterprises across many vertical
markets, including healthcare, education, financial services, government, retail,
hospitality, and managed services. Leveraging decades of R&D and patented data
management technology, NitroSecurity delivers a highly integrated, cost effective
network security product suite for security information & event management, log
management, database activity monitoring, network analysis and intrusion prevention.
For more information, please visit www.nitrosecurity.com. |
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