Brook Venture Partners has sold its 30 percent stake in OnBoard Security, a provider of security technologies for the automotive IoT and trusted computing markets. The buyer was not named. No financial terms were disclosed. Growth Point Technology Partners provided financial advice to OnBoard Security on the transaction.
WAKEFIELD, Mass., April 29, 2019 /PRNewswire/ — Brook Venture Partners today announced the completion of the sale of its 30% stake in OnBoard Security Inc., a leader in advanced security technologies for the Automotive, IoT and trusted computing markets.
OnBoard Security provides solutions for Vehicle-to-Vehicle (V2V) security, trusted computing and advanced cryptography. In January 2018, OnBoard Security was borne of a spin-off from Security Innovation (SI), a Brook Fund III portfolio company. After the spin-off, Brook worked with the company to complete a financing round to increase engineering staff, add features to the award-winning Aerolink V2V security software and develop new trusted computing products to complement its industry-leading TrustSentinel TSS 2.0 product.
“After initially investing into SI in 2008 we have had the pleasure of working with the embedded security division, now OnBoard, following the acquisition of NTRU Cryptosystems in 2009 to grow and evolve into an industry leader valued for its automotive vehicle-to-vehicle security and IoT fields, as well as its breadth of intellectual property around post quantum computer encryption,” said Fred Morris, Brook Partner who served as Chairman of OnBoard Security following its spin-off from SI. “Over the course of our partnership, we have worked closely with OnBoard to enable better focus on its mission, including expanding its board of directors to include leaders from the automotive and semiconductor industries, and to raise additional capital to support expansion of its technology base.”
“Over the past couple of years, with vision and support from Brook, we’ve invested heavily into solidifying our leadership position in protecting the Internet of Things, and the people who depend on it,” said Peter Samson, former President and CEO of OnBoard Security. “This has helped us position the company to play an increasingly important role in connected vehicle security, trusted embedded platforms and Internet integrity in the face of post quantum threats.”
Growth Point Technology Partners served as the financial advisor to OnBoard Security in the transaction.
About OnBoard Security
OnBoard Security Inc., a wholly-owned subsidiary of Qualcomm Technologies, Inc., was created to help automotive and IoT organizations stay ahead of the curve through superior cybersecurity software and services. For nearly 20 years, the world-renowned experts at OnBoard Security have been pioneering technologies that protect the Internet of Things, now and for the future. The company addresses three significant challenges: ensuring the security and privacy of connected vehicles, accelerating the implementation of trusted computing, and helping avoid the existential threat from quantum computers to the integrity of the internet.
About Brook Venture Partners
Headquartered in Wakefield, MA, Brook Venture Partners is a Private Equity firm that makes growth equity control investments in Healthcare Information Technology, Marketing Technology and Technology Enabled Service companies located in the United States. The firm focuses on both financing and providing the strategic and planning support necessary to effectively manage growth. For more information on Brook Venture Partners, see www.brookventure.com.