Press Release
MOMENTUM ACCELERATES FOR AGILIANCE WITH FUNDING FROM WALDEN INTERNATIONAL AND RED ROCK VENTURES
Agiliance closes $6.5 million Series B Funding
Mountain View, California – October 10, 2006 — Agiliance, a leading provider of Security Risk and Compliance management solutions, today announced that it has closed $6.5 million in Series B funding. The investment was led by global venture capital firm Walden International in San Francisco with participation from Red Rock Ventures.
In connection with the financing, Agiliance added two new members to its Board of Directors: Mary Coleman of Walden International and Kip Myers of Red Rock Ventures. Cliff Higgerson of Walden International joins as a Board Observer.
“Security Risk and Compliance remain at the top of executive agendas at most Fortune 1000 organizations, and they are challenged to improve visibility and effectiveness while reining in costs in these areas”, said Pravin Kothari, Founder and Chief Executive Officer of Agiliance. “The market is responding well to our top-down, risk-oriented Security and Compliance management solution. Our new financing validates our progress and allows us to accelerate our product development as well as sales and marketing efforts. I am also very excited about the valuable perspectives that our new board members bring to the company.”
“Agiliance is filling a huge need in the Security Risk and Compliance management market by delivering a solution that addresses board-level, line-of-business, and operational concerns;we are pleased to lead its next stage of expansion,” said Mary Coleman, Managing Director at Walden International. “The company has great potential and we’re confident about its long-term success.”
The Agiliance solution enables organizations to analyze and decrease security risk, achieve continuous visibility of risk and compliance, and significantly reduce the cost of compliance with internal and external requirements. Its holistic risk-based solution integrates business processes, applications, IT assets, physical assets, employees and vendors, allowing organizations to comply with government regulations (e.g., Sarbanes-Oxley 404, HIPAA, GLBA and FISMA), industry mandates (e.g., SAS 70 and PCI), standards and frameworks (e.g., ISO 17799/27001, CobiT, FFIEC and NIST), as well as corporate policies.
Agiliance’s patent-pending technology enables organizations to continuously assess, correlate and quantify risk arising from non-compliant policies based on business impact, as well as other external factors, such as vulnerabilities and threats, and gives continuous visibility into their risk and compliance posture. Armed with this key information, users can easily prioritize risk mitigation and fine tune the deployment of appropriate controls. As a result, Agiliance enables organizations to gain continuous visibility into security risk and compliance, reduce their risk, and lower the complexities and costs associated with compliance.
About Walden International
Walden International ("WI") is a leading international venture capital firm that has been providing investors access to early stage, cross-border, IT opportunities with the advantage of an unrivaled Pan Asia network since 1987. The firm's funds total over US$1.6 billion in committed capital. WI's network of multi-cultural professionals spans China/Hong Kong, India, Malaysia, Singapore, Taiwan and the United States. With over 100 years of combined experience, WI's investment team has funded leading technology companies including Creative Technology (SGX: CREAF), Ikanos (NASDAQ: IKAN), Leadis Technology (NASDAQ: LDIS), SINA (NASDAQ: SINA), SiRF (NASDAQ: SIRF), and SMIC (NYSE: SMI and HKSE: 0981.HK). With 9 offices throughout Asia and the United States, the firm has extensive network relationships with major institutions, Asian governmental entities, strategic investors, and entrepreneurs throughout the Pan Asia region. For additional information, please visit www.waldenintl.com.
About Red Rock Ventures
Red Rock Ventures (www.redrockventures.com) is a Palo Alto, California-based venture capital investment partnership specializing in seed and early- stage information technology investments. The general partners, Robert G. Todd, Curtis (Kip) Myers, Peter Dumanian, Laura Brege and Bob Marsh have extensive backgrounds as operating managers, entrepreneurs, founders and venture capital investors. Their record in successfully founding and/or financing high-technology companies has created substantial market value and investor returns for the past 20 years. Red Rock currently manages $220 million in committed capital.
About Agiliance
Agiliance, a leader in Security Risk and Compliance Management, provides an integrated, standards-based solution that enables enterprises to effectively analyze and decrease security risk, achieve continuous visibility of risk and compliance, and significantly reduce the cost of compliance with regulations and security policies. Agiliance’s holistic risk-based solution integrates processes, applications, IT assets, physical assets, employees and vendors, allowing organizations to comply with government regulations (e.g., Sarbanes-Oxley 404, HIPAA, GLBA and FISMA), industry mandates (e.g., SAS 70 and PCI), standards and frameworks (e.g., ISO 17799/27001, CobiT, FFIEC and NIST), as well as corporate policies. Agiliance is based in Mountain View, CA and can be reached at www.agiliance.com.
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