Fox Technologies, a producer of access management and governance software, said on Monday that it has been acquired by southern California-based Parallax Capital Fund, L.P. a private equity fund managed by Parallax Capital Partners, LLC. No financial terms were disclosed. Fox Technologies is based in Mountain View, Calif.
Mountain View, CA — June 10, 2013 — Fox Technologies Inc. (FoxT), the industry leader in access management and governance software, today announced it has been acquired by southern California-based Parallax Capital Fund, L.P. a private equity fund, managed by Parallax Capital Partners, LLC, focused on companies with proven products and an established customer bases. The terms of the transaction were not exposed.
FoxT’s access management and governance products enable organizations to proactively administer, enforce and audit granular access policies across diverse servers, applications, databases, and desktops from a single unified infrastructure. The access policies can be easily configured to control access, protocols, privileges, and command execution. By proactively enforcing authorization and authentication-related policies, organizations greatly reduce the risk of an insider security breach while solving key governance and compliance challenges.
“FoxT fits our ideal profile of companies in which we like to invest,” said James Hale, managing partner of Parallax Capital Fund, L.P. “With a 98 percent customer retention rate, a clearly differentiated offering and the ability to secure and audit a variety of IT systems through a single access management platform, we are confident that our investment will enable FoxT to address additional security and governance challenges facing the marketplace.”
Hale said the FoxT name will remain in place and the company will be leveraging Parallax’s deep bench of industry experts and institutional fund stability to build on the current business platform, increase product development and R&D. The company also plans to significantly increase sales, technical, and support staff in the months ahead. Victor Shepherd, will serve as CEO of FoxT. Shepherd comes to FoxT with more than 25 years of leadership experience helping high-growth technology companies maximize their potential.
“FoxT has a great established product platform, and I believe we are in the right place at the right time in the market. With daily headlines reporting on costly security breaches, access management and governance continues to be a business priority for the organizations concerned with protecting their data and reputations and we are excited to be a part of FoxT to help accelerate growth,” Shepherd said. “We believe that FoxT’s unique combination of multi-factor authentication and granular authorization, automated policy management, and pre-built connectivity to directories, identity management and SIEM solutions offer a highly effective and affordable way for organizations to reduce the risk of a security breach.”
FoxT protects highly sensitive data for more than 150 of the Global 1000 companies including four of the top ten banks. According to Verizon’s latest Data Breach Investigations Report (DBIR), the majority of breaches (62 percent) take months or years to be discovered. As well, according to a recent Ponemon Institute Study on cybercrime, the most costly security incident to recover from is an insider breach with a cost of $1.3 million on average. Investing in proactive access management and governance software is a cost efficient way to reduce risk, increase operational efficiency, and achieve compliance.
Subhash Tantry, previous CEO of FoxT, will assist the company in an advisory capacity. Other members of the company’s leadership team will remain in place, with continued oversight over FoxT’s products, services, and customer service.
About Fox Technologies, Inc.
Fox Technologies, Inc. helps companies protect corporate information assets, simplify compliance and streamline administration with an award-winning access management and governance solution. Since 2005, FoxT has delivered the most comprehensive, best-in-class unified access management and governance solutions to the market, remaining in compliance with the evolving regulatory compliance demands. Headquartered in Mountain View, California, FoxT provides proven, scalable solutions to Global 1000 customers in 32 countries. For more information, visit www.foxt.com.
About Parallax Capital Partners, LLC
Parallax Capital Partners, LLC (www.parallaxcap.com), manages Parallax Capital Fund, L.P., and specializes in acquiring and operating software companies that have proven products and established customer bases. Parallax partners with its portfolio companies to provide experienced management skills and cost effective infrastructure support including accounting and finance, sales and marketing, research and development, and human resources expertise. This unique capability has helped the Parallax family of companies succeed worldwide as leading software vendors across industry sectors including financial services, government, media, telecoms, manufacturing, and engineering.