Fidelis Raises $22 Million

Fidelis Security Systems, a Bethesda, Md.-based provider of enterprise network security, announced that it has raised $22 million in Series B funding. peHUB first reported on the round last month. Tudor Ventures led the round, and was joined by Point Judith Capital and return backers like Ascent Venture Partners, Inflection Point Ventures and the Maryland Department of Business and Economic Development.

 

PRESS RELEASE

 

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 .