Bit9, Inc. Officially Launches Parity™ Endpoint Security Solution; Announces Funding, Executive Team, and Board of Directors

Business Wire, Sept 20, 2005

CAMBRIDGE, Mass. -- Company Emerges from Stealth with $6 Million in New Funding; Launches Industry's First Solution to Solve the Problem of Unwanted Software at the Endpoint

Bit9, Inc. today officially launched the company, announcing its innovative new Parity endpoint security solution (see related announcement released today) and $6 million in venture funding from Atlas Venture and Highland Capital Partners. Parity is based on years of research and development, resulting in a substantial intellectual property portfolio. The company is led by a world-class executive team, including industry veteran George Kassabgi, who will serve as president and CEO, and Dr. Todd Brennan, the company's CTO, chairman, and one of the founders. Dr. Brennan previously founded Okena (now part of Cisco Systems).

"Unwanted software is a very serious concern for companies today and endpoints are the last line of defense," said George Kassabgi, Bit9's president and CEO. "Bit9 Parity is the first simple, reliable, and effective endpoint security solution to address this challenge, enabling our customers to focus on discovery instead of recovery and to never worry about unauthorized software again."

Bit9 launches with a breakthrough product in endpoint security - Bit9 Parity, which is the only solution to detect and stop all types of unwanted software, including spyware, malware, and non-business applications on enterprise desktops, laptops, and servers. Unlike other endpoint security products that focus on what's wrong or malicious, Bit9 Parity tracks and controls what's new and unknown--without relying on malware signatures or behavioral patterns. The result is real-time, network-wide visibility and control, giving customers the earliest and best possible protection with minimal effort.

"Enterprises need to be able to prevent unauthorized software from executing, whether it's malware, spyware, or something the user has no business loading onto a company PC," said Robin Bloor, partner in Hurwitz & Associates, a leading technology research and consulting firm. "Bit9 gives the enterprise full control over what to allow and disallow in a very flexible way. Bit9 is introducing what is probably the next generation of IT security technology for protecting desktops, laptops, and servers."

Bit9 was founded in 2002 by Dr. Todd Brennan, CTO, and Dr. Allen Hillery, QA Architect, founders of Okena (now part of Cisco Systems), who brought with them a deep understanding of the challenge of securing endpoint systems. John Hanratty, also a founder and the Vice President of Marketing, was on the founding teams of Synernetics (acquired by 3Com), Agile Networks (acquired by Lucent), and Paceline Systems.

Rounding out the executive team are George Kassabgi, President and CEO, who has held executive-level positions at BEA Systems and Progress Software, and Bob Preble, Vice President of Engineering, who was previously with Kubi Software, Trellix, and Lotus Development Corporation.

"Bit9 technology is a leap forward in how companies can deal with potentially unwanted software," said David Kent, Vice President, Security, Genzyme Corporation, one of the world's leading biotechnology corporations.

In July 2003, Bit9 was awarded a prestigious $2M federal research grant from the National Institute of Standards and Technology - Advanced Technology Program (NIST ATP). From this research arose a substantial portfolio of intellectual property and several patents pending. In August 2003, the company started eliciting product requirements from Fortune 1000 companies. The company raised $6M in venture funding in December 2004 from top-tier firms Atlas Venture and Highland Capital Partners.

The first version of Bit9's endpoint security software, Parity, shipped in March of 2005 and Version 2 will be available in the fourth quarter of 2005. The solution has been deployed at dozens of customer sites within their IT infrastructures to detect and block all unwanted software, including spyware, malware, and non-business applications.

"The ability to understand, in real-time, what software is on host systems and react to it is a panacea for IT managers struggling to deal with the effects of unwanted software at the endpoint," said Jeff Fagnan, partner at Atlas Venture. "Bit9 has a revolutionary approach, as well as a very talented and proven management team, that can usher in the new generation of security solutions that go beyond silo-oriented approaches to provide a holistic 'immune system' for corporate infrastructures."

"As evidenced by early customer adoption, Bit9 is addressing a large underserved market with a new, innovative approach that transforms endpoint security," said Jo Tango, general partner, Highland Capital Partners. "We are excited to partner with a company solving difficult enterprise problems and a management team experienced in bringing to market solutions that have been widely adopted by the Fortune 1000."

The company has assembled a strong board of directors, including Maria Cirino, senior vice president, VeriSign Security Services and formerly co-Founder/CEO of Guardent; Jeff Fagnan, partner at Atlas Venture; and Jo Tango, general partner at Highland Capital Partners, in addition to George Kassabgi and Todd Brennan.