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NEWSPRING CAPITAL ANNOUNCES INVESTMENT IN NITROSECURITY, INC. AND THE ACQUISITION OF RIPPLETECH, INC.
$10mm financing provides capital for growth and acquisitions in the SIEM and log management sectors
RADNOR, PA, August 13, 2008 – NewSpring Capital, of Radnor, PA and Short Hills, NJ, announced today that NewSpring Ventures, the dedicated growth and expansion stage venture fund of the NewSpring Capital fund family, led a $10 million round in NitroSecurity, Inc. with a $7 million investment. The round was also supported by NitroSecurity’s current investors, First Analysis and Brookline Venture Partners.
Based in Portsmouth, NH, NitroSecurity is a leading provider of Unified Information Security solutions for more than 500 companies across many market verticals. “NitroSecurity is well positioned to address the major network security challenges that organizations of all shapes and sizes face today – protecting their networks from the growing number of information security threats and then managing and making sense of the massive amounts of associated threat data,” says Glenn Rieger, General Partner of NewSpring Ventures.
NitroSecurity will use the proceeds from the financing to fund market expansion through sales, marketing and channel growth, new product development and key strategic acquisitions. A portion of the proceeds from the round were used to finance the acquisition of RippleTech, a Conshohocken, PA based provider of database security and log management solutions. The addition of RippleTech’s products allows NitroSecurity to deliver the industry’s highest performance, fully integrated Security Information and Event Management (SIEM), Log Management and Database Activity Monitoring solution. NitroSecurity’s products all utilize the company’s patented NitroEDB data management technology, which supports large volume storage and real-time analysis for logs and events.
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.
“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, “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.” As part of the financing, Glenn Rieger will join NitroSecurity’s board of directors.
“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 of NitroSecurity. “In addition to further product development, we will also be expanding our global channel program to extend our reach into the mid-market.” For more information on NitroSecurity, please visit www.nitrosecurity.com
