FOR IMMEDIATE RELEASE |
Dave Kettler, Managing Director H.I.G. Ventures Paul Pishal, CFA H.I.G. Ventures |
LANCOPE SECURES $5.55 MILLIONS IN SERIES A ROUND OF FINANCINGApril 10, 2002 - Lancope, Inc., provider of the StealthWatch™ line of advancedIntrusion Detection System (IDS) security appliances and a leader in the emerging Network Threat Management market category, today announced that it has closed $5.55 million in a Series A round of financing led by venture capital firms H.I.G. Ventures and GMG Capital Partners. Lancope will use this capital to expand product development, sales and marketing efforts. Lancope's StealthWatch, named "Most Impressive of 2001" by eWeek Magazine, has attracted an installed base of over 20 major customers including Weather.com and Nielsen Media Research. Lancope also announced today four new appointments to the Company's boardof directors: David Kettler and Paul Pishal, of H.I.G. Ventures, and Joe Gfoeller and John Patton, of GMG Capital Partners. This team brings to the board proven track records in building successful network security and network infrastructure companies and deep management experience in both Fortune 500 and start-up companies."In Lancope, we saw a company that had very quickly built a stable of satisfied "Lancope solves a critical piece of the network security puzzle for its customers," said Joe Gfoeller, managing partner of GMG Capital Partners. "Lancope has demonstrated early market leadership by successfully validating its solution in security sensitive business sectors including financial services, insurance and health care. My partners and I are proud to be associated with the company and its top flight team and we look forward to being their partners in growing this exciting business." "This investment is a recognition of the general need in corporations and About Lancope
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