| Israeli cybersecurity co AlgoSec raises $36m
Israeli cybersecurity company AlgoSec has raised $36 million from private equity fund Claridge Israel. AlgoSec, which develops business-driven firewall and security policy management products, was founded in 2003 by chairman and CEO Yuval Baron and CTO Prof. Avishai Wool but this is the first financing round to date by the Petah Tikva based company.
AlgoSec has 350 employees including 205 in Petah Tikva and nearly 100 employees in the US. The company has 1,500 customers including 20 of the 50 top rank Fortune companies and revenue of several tens of millions of dollars. Customers include BT, BP, AT&T, GM, Microsoft, Bell Canada, Unilever and Sony.
AlgoSec has no timetable for an IPO but the financing round improves its preparedness for such a possibility.
Baron said, "Companies with ambitious growth plans need experienced, value-adding investors by their side. We are very pleased that such a prestigious and well-respected firm such as Claridge IL is investing in AlgoSec. We chose to partner with Claridge IL over dozens of large and reputable investors due to our shared values, priorities and views regarding our growth strategy, together with Claridge IL's long-term investment approach.
Claridge IL's managing partner Oded Tal said, "AlgoSec has the exact characteristics that Claridge IL 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 (Nasdaq: ALLT), who recently joined Claridge IL as a managing director, will join AlgoSec's Board of Directors to contribute his extensive entrepreneurial, operational and managerial experience.
Claridge IL is an investment firm focused on growth investments in innovative companies with a technological advantage. The firm was initiated through a partnership between Claridge Inc., the Stephen R. Bronfman Family Office and la Caisse de depot et placement du Quebec (CDPQ), a global institutional private equity, infrastructure and real estate investor, with net assets of over $220 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2018