AlgoSec Plans Further Growth with $36 Million Investment

Money Bag

U.S. and Israeli cybersecurity vendor AlgoSec just got a $36 million investment from Claridge IL, an investment firm focused on “innovative companies with a technological advantage.”

AlgoSec said this is the first external investment, following a decade of consistent growth and profitability. It plans to use the funds to fuel its future growth.

AlgoSec's Jeffrey Starr

AlgoSec’s Jeffrey Starr

The company has delivered its security policy management offering to more than 1,500 enterprise customers globally.

Jeffrey Starr, AlgoSec’s chief marketing officer, tells Channel Partners his company’s community of VARs, distributors, training partners, professional service and support partners, and MSSPs have been and “will continue to be a key element in the company’s growth.” With AlgoSec, users can discover, map and migrate business application connectivity, analyze risk from the business perspective, tie cyberattacks to business processes and automate network security changes across their cloud, SDN and on-premises networks.

“AlgoSec is committed to offering our partners new ways to deploy security policy management solutions to their benefit and the benefit of their enterprise end-user customers,” Starr said. “The investment is consistent with our ambitious growth plans which include strengthening our technology, expanding our presence, and supporting the partners in our ecosystem for them to grow alongside us toward broader security management capabilities in our common enterprise accounts.”

Oded Tal, Claridge IL’s managing partner, said AlgoSec has the “exact characteristics” his firm is targeting in its investments: “established technological strength, industry leadership, impressive current and future growth prospects, and all while consistently maintaining profitability.”

Rami Hadar, the former CEO of Allot Communications who recently joined Claridge IL as a managing director, will join AlgoSec’s board of directors.

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