Securify Lands $15 Million In Oversubscribed Round
CUPERTINO, Calif., March 24, 2004 – Securify, Inc., a leading provider of network security management software, today announced it has closed $15 million in financing in a significantly oversubscribed funding round. JPMorgan Partners led the round joined by current investors, Benchmark Capital and Pequot Capital, demonstrating investor belief in the expanding security marketplace, Securify’s customer traction, and future growth of the company.
“Securify is truly one of the blue-chip investments in our portfolio,” said Buck French, General Partner at JPMorgan Partners. “With Securify, we have invested in a company poised for success with a talented management team, powerful technologies fueling product creation, and a marketplace that is growing at a faster rate than any other in technology today.”
Securify’s recent accomplishments include:
– The company’s revenues increased three-fold in the year 2003 over 2002, with bookings up over four-fold in the same period.
– Securify added several marquee federal customers to its company roster including the Defense Information Services Agency (DISA) and US Navy, all of which are using the SecurVantage ™ product line to manage their network and security operations.
– Securify announced the appointment of David Peterschmidt as its Chief Executive Officer and Co-Chairman, attracting a blue-chip leader to the helm of the company. Dave’s background includes running operations at Sybase to make it a leader in the enterprise marketplace, and building Inktomi into a publicly traded company.
– The company launched new products including its SecurVantage VA monitor, that build on the foundation of Securify’s network and security policies. Already, the product is being adopted by companies in the commercial and federal space.
– Securify ended 2003 being cash flow positive, reflecting sound management and financial execution.
“In the crowded space of security, Securify is the one company that has the technology and people assets to deliver solutions that secure and protect mission-critical enterprises from malicious threats in a predictable, proactive and sustained manner,” said David Peterschmidt. “Today’s news underscores the potential for Securify to become a leading player in the network security management market. In the coming months, we plan to dramatically expand our customer footprint, increase our financial position, and continue to develop cutting-edge products as we set the agenda for securing network infrastructures across enterprises worldwide.”
About JPMorgan Partners
JPMorgan Partners (JPMP is a global partnership with approximately $19 billion in capital under management (as of December 31, 2003). It is a leading provider of private equity and has closed over 1,300 individual transactions since its inception in 1984. JPMP has more than 140 investment professionals in nine principal offices throughout the world. JPMorgan Partners is the private equity arm of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States. For additional information, please visit our website at www.jpmorganpartners.com.
About Benchmark Capital
Benchmark Capital was founded in 1995 with the mission of helping talented entrepreneurs build major technology enterprises focused on long-term growth. Benchmark takes a labor-intensive, team-oriented approach to venture investing in order to deliver a superior level of service to its portfolio companies. Benchmark’s portfolio includes franchise companies such as Ariba (Nasdaq: ARBA), eBay (Nasdaq: EBAY), Handspring (Nasdaq: HAND), Juniper Networks (Nasdaq: JNPR) and Red Hat (Nasdaq: RHAT). Managing more than $2 billion in committed venture capital, Benchmark focuses on early-stage investing in markets where the partners have direct, relevant experience. For more information on Benchmark, visit its web site at www.benchmark.com.
About Pequot Capital Management
As technology experts, Pequot Ventures finances companies developing industry-changing products for infrastructure, software and services and technology empowered healthcare companies. Thanks to public/private side synergies, Pequot Ventures offers portfolio companies the connections, research muscle and industry insight of a multi-billion dollar hedge fund. Through Pequot Capital Management, Inc., Pequot Ventures offers portfolio companies a continuum of financing vehicles that spans every stage of a company’s lifecycle, from seed money through IPO and beyond. Pequot Capital Management, Inc., is 100 percent employee-owned, and headquartered in Westport, Connecticut, with offices in New York City and California.
About Securify, Inc.
Securify, Inc., headquartered in Cupertino, California, is a leading provider of network security management software for optimizing network operations within large-scale enterprises. The company’s products are based on an extensible platform built from the ground up utilizing a policy-based and scalable architecture, giving enterprises a command and control center for managing their business operations.
The company’s flagship product line, SecurVantage, is the first in the industry to monitor, measure and report levels of security risk in real time. Securify’s customers include the US Navy, Defense Information Systems Agency and Deutsche Bank. For more information, visit www.securify.com