Peter George Named President & CEO of Extrusion Prevention Market Leader
BETHESDA, Md. and BOSTON, April 7, 2008 /PRNewswire/ -- Fidelis Security
Systems, the authority on extrusion prevention, today announced the successful
closing of $22 million in a second round of venture capital investment. The
series B round of expansion capital was led by Tudor Ventures, the venture
capital and private equity arm of Tudor Investment Corporation, an
internationally recognized diversified investment management firm with $18
billion in assets. New investor Point Judith Capital and previous investors
Inflection Point Ventures, Ascent Venture Partners, and the Maryland Venture
Fund also participated in the round. The funding will drive the next phase in
the company's strategy of delivering enterprise data leakage prevention (DLP)
solutions that identify and stop data leakage in real time across all channels
on all ports and at gigabit speeds.
In conjunction with this round of financing, the company also announced
the appointment of network security industry veteran Peter G. George as
President and CEO. Timothy Sullivan, who has led the company since its
founding in 2002, continues as Executive Chairman of the Board and will play
an active role in setting the strategic direction of the company. "This
significant round of funding and the high caliber of both our new investment
partners and our new CEO are unquestionable validation of our exceptional
company. I look forward to working with Peter to accelerate the company's
growth," said Timothy Sullivan, Founder and Executive Chairman, Fidelis
Security Systems.
Mr. George spent the last seven years as President and CEO of Crossbeam
Systems where he took the company from a pre-revenue start-up to over $50
million in revenue with market leadership in the high-end segment of the
Unified Threat Management (UTM) market. Prior to Crossbeam, Mr. George was
President of Nortel Networks Enterprise Business in Europe, Middle-East, and
Africa. Mr. George has held executive positions at Bay Networks, Wellfleet
Communications, and 3Com Corporation. With more than 25 years of global
network security experience, Mr. George has an established track record of
driving revenue and at identifying critical partnership opportunities that
expand a company's strategic position in global markets.
"Since its founding, Fidelis Security Systems has been laser-beam focused
on delivering a best-in-breed product family for the prevention of data
leakage," said Peter George, President and CEO, Fidelis Security Systems. "I
am thrilled to be leading the company through its next major growth phase.
This new infusion of capital will take Fidelis Security to profitability. Our
expansion plans will include increasing our sales footprint in the Americas
and Europe, doubling the size of our development team, improving our customer
support organization, and supporting our global partnership with IBM. All of
this will continue to ensure we deliver market leading security solutions to
our customers to protect their brand, intellectual property, and resources
through the prevention of data leakage."
Mr. George, Rick Ganong, General Partner of Tudor Ventures, and David
Martirano, General Partner of Point Judith Capital, will also join the Fidelis
Security Systems' Board of Directors. Mr. Ganong joined Tudor Ventures at its
founding in 1996, and specializes in communications, information technology,
and media investments. Mr. Ganong led investments in Avici Systems, Digital
Island, Transmeta, N2 Broadband, Switch and Data and Advanced Fiber and
currently serves on the boards of Crossbeam Systems, Allegro Development,
Velocity Solutions, Sonexis and Verrillon. Mr. Martirano leads Point Judith
Capital's information technology investing, with a focus on software and
communications. He represents the firm on the board of TAZZ Networks, Envista
Software, and Vaultus Mobile Technologies, and was previously involved with
the firm's investments in Optasite and Taqua.
"By combining our capital with Fidelis Security's world-class technology
and strong leadership, we will build a company that will excel as the DLP
market leader," said Rick Ganong, General Partner, Tudor Ventures. David
Martirano, General Partner of Point Judith Capital added, "We are excited to
be backing Peter George and the entire Fidelis Security Systems' team."
About Fidelis Security Systems
Since 2002, Fidelis Security Systems has been committed to giving
organizations the power to protect their brand, intellectual property and
resources by stopping data leakage. Based on patent-pending technology, the
Fidelis Extrusion Prevention System(R), or Fidelis XPS(TM), is the only system
able to identify and stop data leaks before they occur. Organizations choose
Fidelis XPS to solve their biggest data leakage challenges -- protecting
intellectual property and identity information, assuring compliance with
government and industry privacy regulations, and managing insider use of the
internet. To learn more about Fidelis XPS, the industry's only Extrusion
Prevention System that delivers comprehensive control, the fastest
performance, and lowest total cost of ownership, visit
http://www.fidelissecurity.com.
SOURCE Fidelis Security Systems
John Jordan of Principor Communications for Fidelis Security Systems,
+1-202-595-9008, Ext. 63, jjordan@principor.com
