News

NewSpring Capital Announces Successful Exit of NitroSecurity

RADNOR, PA, December 8, 2011 - NewSpring Capital is pleased to announce that NitroSecurity, Inc. (NitroSecurity), a portfolio company of its growth and expansion stage fund, NewSpring Growth Capital II, has been acquired by McAfee, Inc., a subsidiary of Intel Corporation (NASDAQ: INTC).

Founded in 1999 and based in Portsmouth, NH, NitroSecurity is a leading provider of integrated network security monitoring, analysis, and protection solutions. NitroSecurity leverages its patented relational data management engine to protect the network infrastructure in enterprises of all sizes - providing deeper and faster security visibility for organizations.

Since the time of investment in mid-2008, NitroSecurity effectively capitalized on its award winning technology and position in the market. NitroSecurity grew from 2008 sales of $9 million to 2011 forecasted sales of approximately $28 million, representing a compounded annual growth rate that exceeds 60%. In addition, the Company was recently positioned by Gartner in the Leaders Quadrant of the 2011, "Magic Quadrant for Security Information and Event Management".

Glenn Rieger, a General Partner of NewSpring Capital and board member of NitroSecurity commented, "We are extremely pleased to have been part of the success at NitroSecurity. The team has exceeded our expectations since mid-2008 when we made the investment. Working with passionate and talented business leaders such as CEO Ken Levine as well as the entire NitroSecurity management team was truly fulfilling. They did an excellent job executing on the company's vision and produced a very attractive outcome for our Limited Partners - more than 60% internal rate of return." Mr. Rieger added, "We are very pleased that NitroSecurity will be a good complement to McAfee."

Ken Levine, CEO of NitroSecurity, said, "Since 2008, we have worked closely with our partners at NewSpring who have committed significant strategic and operational resources to help grow our business. Combining these two companies creates a unique opportunity to capitalize on the global market for enterprise network infrastructure security. The entire NitroSecurity team is excited about the prospects of this combination."