Israeli cybersecurity company AlgoSec has raised $36m from private equity fund Claridge Israel.
The deal represents the first external investment the company has landed. Founded in 2003 by chairman and CEO Yuval Baron and CTO Prof. Avishai Wool, the company provides software for network security policy management, also known as firewall policy management.
Its solutions help intelligently automate security change processes, proactively identifies risks, and ties cyber-attacks to business processes, as well as providing visibility of security across the entire enterprise.
“Companies with ambitious growth plans need experienced, value-adding investors by their side. We are very pleased that such a prestigious and well-respected firm such as Claridge IL is investing in AlgoSec,” said Baron. “We chose to partner with Claridge IL over dozens of large and reputable investors due to our shared values, priorities and views regarding our growth strategy, together with Claridge IL’s long-term investment approach.”
AlgoSec allows users to discover, map and migrate business application connectivity, proactively analyse risk from the business perspective, tie cyber-attacks to business processes and intelligently automate network security changes with zero touch – across their cloud, SDN and on-premise networks.
Over 1,500 enterprises, including 20 of the Fortune 50, have used AlgoSec’s solutions to make their organisations more agile, more secure and more compliant.
The company’s customers include ING, BBVA, China Merchant Bank, Nordea, PayPal, Aviva, Equifax, Citizens Bank, First Citizens Bank, PhillipCapital, Western & Southern Financial Group, and Reliance Capital, among others.
Claridge IL is an investment firm focused on growth investments in ‘innovative companies with a technological advantage’. The firm was created through a partnership between Claridge, the Stephen R. Bronfman Family Office, and la Caisse de dépôt et placement du Québec (CDPQ), a global institutional private equity, infrastructure and real estate investor.
Oded Tal, Claridge IL’s managing partner added, “AlgoSec has the exact characteristics that Claridge IL is targeting in its investments: established technological strength, industry leadership, impressive current and future growth prospects, and all while consistently maintaining profitability.”
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