NitroSecurity Receives $6.5 Million in New Funding; Investment Led by First Analysis Supports Significant Growth as Company Redefines Intrusion Prevention Technology

Business Wire,  Feb 28, 2005  

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PORTSMOUTH, N.H. -- NitroSecurity, a next-generation provider of intrusion prevention solutions for enterprise networks, today announced it has raised $6.5 million in Series B financing, bringing total company funding to $13.5 million. The investment was led by Chicago-based First Analysis, a leading private growth-equity investor. Additional participants in the round include a group led by the company's Series A lead investor Ken Levine, formerly of Cabletron Systems, along with other previous investors. The funding will be used to expand NitroSecurity's sales, marketing and R&D efforts, and support the company's worldwide growth.

"As NitroSecurity continues to experience strong momentum in response to the rapid adoption of our patented intrusion prevention system (IPS) technology, we are excited to partner with such a well respected firm as First Analysis," said Terry Christensen, President and CEO of NitroSecurity. "With the capital from this financing, we will be able to drive deeper market penetration as organizations increasingly realize the significant impact NitroSecurity IPS can have on their security initiatives."

As intrusion prevention market growth continues to surge, NitroSecurity is supplying enterprise customers with an integrated security architecture that will allow them to increase their detection as well as their monitoring levels organization-wide. With industry-wide intrusion prevention sales anticipated to reach more than $930 million in 2007, this recent funding is evidence that the company has the product vision and overall execution strategy to emerge as a market leader.

NitroSecurity's IPS products are the industry's first integrated intrusion prevention and security information solutions that offer enterprises the capability to proactively block attacks in real time before they enter a corporate network. Through blending its IPS focus with exceptionally high-performance database technology, NitroSecurity is able to define a new category of preventive security and analytics.

"The IPS market is one of the fastest-growing network security segments, and we see NitroSecurity's offering as truly unique in the landscape," said Howard Smith, Managing Director of First Analysis. "We believe the company combines considerable research and development depth with top-notch sales and marketing talent--a rare combination among private security entities. We feel there are exciting opportunities for NitroSecurity to both change the way organizations view intrusion prevention and enhance their overall network security strategy."

About First Analysis

First Analysis is a leading private growth-equity investor and has one of the longest records (20 years) in private capital investing. It has invested over $570 million and created over $1.38 billion in fund liquidations; it has over $190 million in active portfolio investments. First Analysis focuses on its three sectors of expertise: outsourced services, information technology, and chemistry-enabled businesses, investing for expansion and growth in small and mid-size companies with established business models, high internal growth rates, and large-market leadership potential. Its goal is to help these companies establish highly profitable leadership positions in their markets, assisting with strategy, recruitment, sales and marketing, and corporate development.

About NitroSecurity

Headquartered in Portsmouth, N.H., NitroSecurity develops a comprehensive suite of advanced security solutions for enterprise networks of all sizes. The company is the developer of the industry's first intrusion prevention system (IPS) that incorporates the world's fastest security database technology for security event aggregation and correlation. NitroSecurity leverages superior engineering talent and patented technology from the Idaho National Laboratory (INL). For more information, visit www.nitrosecurity.com.

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