Cigital said Tuesday that it has raised $50 million in financing from LLR Partners. According to Cigital, the capital will be used for expansion. Based outside Washington, D.C., Cigital is a provider of software security services and solutions.
Dulles, VA – October 1, 2013 – Cigital, Inc., the world leader in software security services and solutions, today announced the completion of a $50M equity investment by LLR Partners. The strategic investment will support Cigital as it continues its growth in existing markets, penetrates new verticals and expands geographically.
Cigital helps customers design, build and maintain secure software applications through a range of services and solutions, including consulting, training, security analysis products and cloud-based services. The company’s unique expertise, technologies and training services are a culmination of more than 20 years of research and thousands of successful client engagements. Cigital specializes in software security for financial services, insurance, technology, healthcare and telecom enterprises worldwide.
“Cigital’s rapid growth has outpaced that of the dynamic software security industry, where significant tailwinds will only continue to accelerate adoption,” said David Stienes, partner at LLR. “John, Gary and the management team at Cigital have a long history of working together and have positioned Cigital for strong growth based on a clear, strategic vision for its future. Cigital serves as a benchmark investment for LLR as we expand our portfolio in IT security.”
High-profile breaches and increasingly stringent compliance standards have driven explosive adoption of IT security solutions, yet market penetration is still minimal. Under the leadership of CEO John Wyatt and CTO Gary McGraw, Cigital has become a respected thought leader on software security, with a full-service solution capable of leading this highly fragmented industry. The company maintains a highly satisfied and impressive customer base that values Cigital’s ability to go beyond identification of security issues and offer effective remediation solutions.
Building on an existing track record of related industry investments, LLR recently strengthened its commitment to the IT security sector by expanding its Security, Defense & Government investment practice and opening an office in Arlington, VA.
“LLR’s deep domain knowledge in security, IT services and our end-markets will be invaluable as we scale our business,” said John Wyatt, CEO of Cigital. “Enterprises seldom have the expertise or resources to address software security themselves and are increasingly turning to outsourced providers like Cigital. Partnering with LLR enables Cigital to help more companies improve the security and reliability of their applications.”
Cigital, Inc. is the world’s leading software security services and solutions company. Cigital helps public and private organizations launch and mature software security initiatives, as well as design, build, test, and maintain secure software through a combination of expert consultants, innovative technologies, and effective training built on over twenty years of cutting-edge research and successful client engagements. Cigital is headquartered outside Washington, D.C. with regional offices throughout North America, Europe, and Southeast Asia. For more information visit: http://www.cigital.com.