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©2000 Intelligent Systems |
Lancope
Raises $5 Million in Second Round of Funding H.I.G.
Ventures, GMG Capital Partners and Council
Ventures Invest in Series B ATLANTA,
Ga., March 11, 2003 - Lancope, Inc.
today announced that it has raised an additional
$5 million of private equity financing. New
investor, Council Ventures, and the Company's
Series A investors, H.I.G. Ventures and GMG
Capital Partners, participated in the Series B
financing, bringing the total cash investment in
Lancope to $12 million. Lancope also announced
that Dennis C. Bottorff, chairman of Council
Ventures, has joined Lancope's board of
directors. Lancope will use
the infusion of capital to finance new product
development initiatives, enhance the current
product line, and expand sales and marketing
functions in response to growing demand for the
Company's award-winning, behavior-based
StealthWatch™ Intrusion Detection Systems. "Lancope is
a leader in the enterprise security landscape.
We are excited about joining the team and
pleased to welcome Lancope to Council Ventures'
portfolio of companies," said Bottorff.
"Lancope's innovative technology protects
networks against internal and external attacks,
overcoming limitations associated with other
commercially available Intrusion Detection
Systems and simultaneously enabling network
performance optimization. We look forward to
contributing to Lancope's rapid growth and
future success." David A. Kettler,
managing director of H.I.G. Ventures, and Joe
Gfoeller, managing partner of GMG Capital
Partners, jointly stated, "Our continuing
commitment and additional financial investment
reflect our enthusiasm for the market
opportunity that Lancope is addressing,
confidence in the superiority of Lancope's
StealthWatch solution, and full support of the
Lancope team. Recognized as a provider of
mission critical solutions for network security,
Lancope will continue to expand the capabilities
of its award-winning technology and build upon
its significant and rapidly growing customer
base." "This
investment endorses Lancope's position as a
pioneer in the enterprise network security
market," said Harland LaVigne, president
and CEO of Lancope. "With the combined
resources of our investors, the tremendous
customer response to our technology and our
early market leadership, Lancope will fully
capitalize on the momentum that we have created
in the market." Lancope is the
leading provider of Advanced Threat Protection
solutions for enterprise networks. The Lancope
product line includes the StealthWatch appliance
for behavior-based intrusion detection and the
StealthWatch Management Console for centralized,
graphical web-based management of multiple
StealthWatch appliances. About
Council Ventures About
H.I.G. Ventures About
GMG Capital Partners About Lancope
and StealthWatch™
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