Nashville-based Cybera, a provider of secure virtual application networks, has raised an undisclosed amount of funding. The investors were Sumeru Equity Partners, previous backer Adams Street and Cybera management. Mooreland Partners provided financial advice to Cybera on the transaction. In addition to the funding, Cybera has named Andrew Lev as CEO and director. Lev is succeeding outgoing CEO Robert Dupuis who is retiring but will serve as adviser to Cybera.
NASHVILLE, Tenn., Sept. 16, 2015 /PRNewswire/ — Cybera, a leading provider of secure virtual application networks, today announced that Sumeru Equity Partners (“SEP”) —along with existing investor Adams Street and company management—has made a strategic investment in the company in support of its growth and product innovation strategy. Alongside the investment, Cybera’s Board of Directors has appointed Andrew Lev, an accomplished security technology executive, as Chief Executive Officer and Director.
Founded in 2001 by Cliff Duffey, Cybera provides a simple solution to the growing complexity that distributed enterprises face at remote locations in managing payment networks and other sensitive, complex applications. The Cybera ONE platform reduces customer cost and complexity by integrating cloud and premise-based security technology into a single, easy to use offering. In industries such as retail, Cybera ONE has become a disruptive alternative for easing the burden of data security and compliance for tens of thousands of retail locations globally, and billions of payment transactions each year.
“SEP’s growth-focus and expertise in technology positions them as the ideal strategic partner for our company,” said Cliff Duffey, Cybera President and Founder. “This investment is a great vote of confidence in our market vision and will further enhance our approach in offering disruptive products and best-in-class service to our customers. Additionally, I welcome the opportunity to partner with Andrew Lev, whose results-oriented approach and ability to think strategically will play a pivotal role in extending our track record of providing market-leading solutions while helping us grow profitability.”
Lev is an accomplished security leader and brings over 25 years of high technology experience. Most recently, he served as Chief Product Officer for NTT Com Security, where he was responsible for all aspects of the managed and professional services product portfolio. Lev’s career also includes co-founding KSR / Neohapsis and MetaTV, which were acquired by Cisco and Comcast, respectively.
“Cliff and the Cybera team have built a great business, and I am thrilled to join as Chief Executive Officer. I am extremely enthusiastic about working with our exceptional team to build on today’s success and to realize our full potential,” said Lev. “With the need for better approaches to data security now more than ever, I look forward to continuing to serve our outstanding customers and partners with the level of innovation, quality and expertise that they expect from Cybera.”
As a part of the investment, Sumeru Equity Partners, as majority shareholder, will add representatives to the Cybera Board of Directors. Adams Street and Cliff Duffey will retain significant equity interests and Board representation in the company. Outgoing CEO Robert Dupuis is retiring and will retain equity interest as well as serve as adviser to Cybera.
“Distributed enterprises are facing an increasingly complex and costly problem in securing payment and application networks, as well as addressing considerations involving regulatory and compliance dynamics, such as PCI 3.0. We believe Cybera is well-positioned to address these needs in an automated and customer-friendly format through the Cybera ONE cloud platform,” said Sanjeet Mitra, Managing Director at Sumeru Equity Partners. “We look forward to partnering with Andrew, Cliff and Adams Street to seek to further accelerate growth and maintain a customer-centric strategy.”
The transaction closed in September 2015 and financial details were not disclosed. Mooreland Partners provided financial advisory services to Cybera in connection with the transaction.
About Cybera Inc. Cybera is a leading provider of secure virtual application networks to many of the world’s top enterprises. The company provides a simple solution to the growing complexity that distributed enterprises face at remote locations in managing payment networks and other sensitive, complex applications. The Cybera ONE platform reduces customer cost and complexity by integrating cloud and premise-based security technology into a single, easy-to-use offering. Founded in 2001, Cybera is a privately held company headquartered in the Nashville, Tennessee area with technology installed in over 30,000 business locations in 15 countries. For more information about Cybera, visit www.cybera.net.
About Sumeru Equity Partners
Sumeru Equity Partners is a technology-focused private equity firm that invests in middle market companies across software, hardware and technology-enabled services. The firm was founded in 2014 by an experienced team from Silver Lake Sumeru, a private equity fund started in 2007 within Silver Lake. The Sumeru Equity Partners principals utilize their extensive operating and investment experience to partner with management teams to drive company growth and build strategic value. For more information please visit www.sumeruequity.com.