Mountain View, CA (PRWEB) November 21, 2005
http://www.verniernetworks.com – Vernier Networks®, developer of the industry’s only clientless network access management products, recently announced that it received $21 million in an oversubscribed Series E financing round. Led by top-tier venture capital firm Venrock Associates, the round included existing investors Foundation Capital, DCM-Doll Capital Management, Allegis Capital, UV Partners, Masthead Ventures and Weber Capital. Named a 2005 Technology Fast 50 Company by Deloitte & Touche, the company also added security industry heavyweight Ray Rothrock to the company’s board of directors.
With an additional $5 million raised in debt financing from Silicon Valley Bank and Gold Hill Capital., the $26 million cash infusion will be used for strengthening Vernier Network’s distribution channels, enhancing Vernier Network’s award-winning EdgeWall platform, as well as expanding Vernier Threat Labs. The strong response for the award-winning EdgeWall network access management appliance will drive Vernier Networks to ramp production in order to meet customer demand and penetrate new markets.
“The demand for our network access management solution is exploding and represents all industries including financial services, oil and energy, manufacturing, education and healthcare,” said Simon Khalaf, chief executive officer at Vernier Networks. “In Q3, our flagship EdgeWall product line nearly tripled in revenue as compared to Q2. Based on this phenomenal growth, Vernier is driving the network access management sector and poised to be the clear leader in this high-growth market.”
According to leading IT market research and advisory firm IDC, security appliances with strong firewalling capabilities did well in 2004. Total vendor revenue exceeded $2.5 billion for the overall threat management market, representing a 36 percent growth rate when compared with 2003. (Source, IDC, Worldwide Threat Management Security Appliances 2005-2009 Forecast and 2004 Vendor Shares: Security Appliances Remain a Well-Oiled Machine, #33997, September 2005). Analysts expect that growth to continue due to several high-profile security breaches in the last year where poor internal and endpoint security controls exacerbated the problem.
"The explosive growth of remote access to corporate networks by employees, customers, and partners is proving to be a significant challenge for IT infrastructure protection," said Charles Kolodgy, research director, IDC. "By enforcing corporate access policy on every device that connects to the network regardless of location, and without putting a client on the desktop, Vernier is offering an innovative way to block attacks and secure the network from within."
Network Security Technology industry veteran Ray Rothrock will join Vernier Network’s board. Rothrock is a managing general partner for Venrock Associates and focuses his investment activities on security information technology companies and energy technology/material sciences companies. He was one of the original investors in Check Point Software Technologies and currently sits on their board, as well as a number of private boards such as Imperva, PGP, Red Seal Systems and Vontu.
“With the network access management space growing at a torrid pace, there are several companies slugging it out to win this market, from established vendors to early stage start-ups,” said Ray Rothrock, member of Vernier Network’s board of directors. “We believe that Vernier’s innovative technology, solid customer base and strong revenue growth have the makings to lead this market. In addition, the company’s soon-to-be-announced next-generation technology shows enormous potential to leapfrog competitors in this space.”
About Vernier Networks
Vernier Networks offers the industry’s only clientless network access management products that enable enterprises to assure business continuity. Deployed at the network edge, Vernier’s EdgeWall security appliance provides comprehensive network access management to defend against intrusions and attacks on the network by screening users and devices, restricting access, inspecting traffic for worms and viruses, and enforcing access policy. Vernier’s proven network security solutions operate today in thousands of networks for hundreds of customers worldwide, and have received numerous awards including the eWEEK Excellence Award in 2005, InfoWorld’s 2004 Technology of the Year Award and the 2003 Product of the Year Award from Network Magazine. Vernier is a privately held company headquartered in Mountain View, Calif. and can be found on the Web at http://www.verniernetworks.com.
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