News of Kevin Bradford's arrival at TrustWave in April put the company on the radar of major corporations. Many of those who were not already using TrustWave's network security assessment and compliance solutions expressed interest when Bradford called. This response was due to Bradford's 26+ year reputation as a respected leader in the financial services processing industry. FTVentures partner Richard Garman and Bradford have enjoyed a long, successful working relationship in payments processing and FTVentures enthusiastically introduced Bradford to TrustWave.

"I've been on the road every single week since joining TrustWave and we're seeing tremendous results," said CEO Bradford in a recent interview. "We're meeting with the top 20 merchant acquirers in the country and presenting TrustWave's unique solutions to their vulnerability and information security related problems. Our results to date have been very gratifying. We have already signed First Data and Chase Merchant Services, accounting for more than half of the 4.4 million merchants accepting credit cards in the U.S. Since most of these merchants will ultimately be subject to either Visa's Cardholder Information Security Program (CISP) or MasterCard's Site Data Protection (SDP) program, there is a ready market for our solutions."

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Mohit Daswani is our newest FTVentures Investment Principal. He joins Brad Bernstein and Boris Rapoport in our New York office focusing on Business Services opportunities. Mohit was most recently an Associate with JP Morgan Partners in New York where he executed venture and leveraged buyout transactions in the media, general industrial and consumer industries. He was also a member of the team responsible for evaluating investment opportunities in India. Previously, Mohit was a member of the Leveraged Finance group at Chase Securities Inc.

Garen Staglin has joined the FTV II Advisory Board. Garen has been involved in venture capital and the management of information technology companies since 1971. He was a director of First Data Corporation from 1992 to 2001. In 2001, he became President and CEO of eONE Global, an emerging payments company. He retired in 2004 and is currently Chairman of Encorus Technologies, an eONE Global company, and advisor to the CEO of First Data Corp., on internet technology.


A robust discussion of Sarbanes-Oxley and the Basel II Capital Accord were among the highlights of FTVentures' recent Advisory Board meeting in New York. Advisors representing the Private Equity, Operations and IT organizations of our Limited Partners shared perspectives on these important issues and the high level of attention they are receiving in corporations around the world. Most striking about the discussions were the varied approaches on how corporations are planning to address these regulatory requirements. While some financial institutions are investing in development projects built internally, others are leveraging the expertise of Big 4 consulting firms to implement the requisite compliance systems. Others emphasized relationships with software vendors such as ERP, BPM and document management specialists as key to their compliance initiatives.

Another voice on the complexities of corporate compliance was that of Roger Burkhardt, Chief Technology Officer of the New York Stock Exchange. Roger kicked off our Advisory Board dinner by addressing our group from the floor of the Exchange on the technologies in use at the NYSE and those planned for the near future. Richard Ketchum, Chief Regulatory Officer, and Noreen Culhane, EVP, Corporate Listings and Compliance, also spoke about important regulatory issues that impact all public companies during our dinner in the Boardroom.