TrustWave Raises $10 million in Series A Financing From FTVentures
Funding Recognizes TrustWave's Technology Leadership and Positions Company for Accelerated Growth in Merchant Compliance
Wednesday, May 19, 2004
Phoenix, AZ - TrustWave, which provides industry-leading security assessment and compliance solutions, announced today that it has secured $10 million in funding from FTVentures, a private equity firm that provides venture and late stage growth capital to software and services companies. The financing will enable TrustWave to solidify its leadership position in the merchant compliance market and prepare for entry into new markets and geographies.
TrustWave helps organizations comply with regulations by assessing and improving the security of their networks. First Data Corporation has recently selected the company's TrustKeeper product, a Web-based vulnerability scanner and policy compliance engine, to help its merchants comply with credit card association requirements for information security. In addition, TrustWave has garnered significant customer interest in TrustWatcher, an Internet content monitoring solution that allows acquiring banks to ensure that their merchants, agents and resellers conform to card association standards while conducting business on the Web. TrustWave is unique in that it provides acquirers and merchants with a comprehensive suite of solutions to facilitate information security and content compliance, as well as expert forensics in the case of a compromise or breach of security.
"This investment represents a tremendous endorsement of TrustWave's technology and its business strategy," said TrustWave's Chairman and CEO Kevin Bradford. "Partnering with FTVentures and their extensive global financial services network will help address the growing need for compliance solutions."
"TrustWave, with superior technology and an intimate understanding of regulatory requirements, is rapidly extending its leadership position in the merchant compliance sector," said Richard Garman, partner of FTVentures and new board member of TrustWave. "The problem of identity theft is growing exponentially, driving acquiring banks to seek more rigorous solutions for protecting consumer credit card data. TrustWave offers a proven product set that responds to the needs of many of our financial services Limited Partners."
TrustWave had been solely funded by founders and angel investors prior to this Series A institutional investment by FTVentures.
TrustWave, a leader in vulnerability management and network security compliance, delivers proven solutions and services to the credit card and financial services industry, Fortune 1000 and government organizations. Certified by MasterCard and Visa, the company's flagship product TrustKeeper was built from the ground up to monitor network security and manage merchant and payment processor compliance with industry standards and regulations. TrustWave's management team combines decades of proven IT security, network management, and financial services industry expertise. Founded in 1995, TrustWave has offices around the country. For more information, visit www.trustwave.com.
Founded in 1998, FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has over $623 million in total capital under management and is a leading provider of venture and late stage growth capital to software and business services companies. FTVentures leverages its unmatched global financial services partner network to deliver superior returns. FTVentures' Limited Partners include AIG, Bank of America, BNP Paribas, Charles Schwab, Citigroup, Credit Suisse Group, Deutsche Bank, DBS Bank, GE Capital, HSBC Holdings, Key Principal Partners, National City, Skandinaviska Enskilda Banken (SEB), Standard Chartered Bank, US Bancorp and Wells Fargo.
For more information, please visit www.ftventures.com or contact Kim Kellogg at 415-229-3000.
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