Funds will be used to scale sales and marketing activities
Wakefield, MA, June 25, 2008 – Brook Venture Partners announces today that it has led a $7.1 million investment in Security Innovation, (“SI”) the leading provider of software security products and services to mid-size and Fortune 500 companies.
Proceeds from this, the Company’s first round of institutional funding, will be used to scale sales and marketing activities and to further product development.
“SI has already established itself as a leading expert in the software security space. The Company seeks to capitalize on a growing market need for its commercial security tools that help organizations develop secure software and implement sound test processes,” said Fred Morris, a partner with Brook. “The unique blend of SI’s products and services enables companies not only to better understand software security but also how to minimize the risk that software brings to their enterprise and their customers.”
“Software security is the most critical aspect of IT security, and yet the area where organizations tend to struggle the most when trying to measure threats and risk,” said Ed Adams, president and CEO of Security Innovation.
“Security Innovation has unrivaled experience with steering development teams through the process of developing secure software and helping governance and compliance teams integrate software security into their and risk management frameworks. The practical experience we gain through deep assessment of the world’s most prominent and powerful software applications, combined with scalability as the result of this investment, will continue to position Security Innovation at the apex of the software security market.”
“Our diligence confirms that SI holds a visionary position in the dynamic and ever-growing software security market,” said Jeff Emig, a principal with Brook. “Brook will help SI leverage this expertise to accelerate its scalable product offerings, while also expanding its world-class services business.”
About Security Innovation, Inc.
Security Innovation is an authority on software security and leading independent provider of IT risk management and education services to mid-size and Fortune 500 companies. Global technology vendors and enterprise IT organizations such as Microsoft, IBM, FedEx, ING, Symantec, Visa, Coca-Cola and GE rely on our expertise and suite of tools to understand the security risks in their software systems and facilitate the software and process change necessary to mitigate them. For more information please call (978) 694-1008 or visit www.securityinnovation.com.
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I, Brook Venture Fund II and other co-investment funds to Information Technology and Medical Technology companies located in the Northeastern United States. The firm focuses on initial investments typically under $5 million and specializes in both financing and providing the strategic and planning support necessary to rapidly scale and accelerate sales and marketing activities. Brook is headquartered outside Boston in Wakefield, MA. For more information, call 781-295-4000 or visit www.brookventure.com.