Feb 5 WhiteHat Security has secured $31 million
in a round of funding that will allow it to expand
internationally and help it win more small and medium sized
businesses as customers, the company said.
The investment was funded by existing financial backer
Investor Growth Capital and new investor JMI Equity, bringing
total funding to $49 million.
WhiteHat, which helps prevent website attacks, was founded
in 2001 by former Yahoo information security officer
Jeremiah Grossman -- now WhiteHat's Chief Technology Officer.
Its flagship product line is WhiteHat Sentinel, which
currently manages more than 11,000 websites, including sites in
the most regulated industries as well as e-commerce, finance and
healthcare companies, the company said.
"WhiteHat's holistic approach to security throughout the
software development lifecycle - from source code through
completed production application - provides an advantage that
few security providers can achieve," said Peter Arrowsmith,
General Partner at JMI Equity in a statement.
While it does not divulge financial results, Chief Executive
Stephanie Fohn said growth in new bookings last year was more
than 75 percent.
"The fourth quarter was our strongest quarter ever," Fohn
Asked if the company was considering an initial public
listing, she said: "We're putting the process in place but we're
still a few years away."
Fohn said the company had been approached by potential
buyers in the past, but for now, WhiteHat was focused on staying
WhiteHat competes with application security software company
Watchfire -- acquired by IBM in 2007 -- as well as SPI
Dynamics, which offers web application security assessment
software and was bought by HP in the same year.