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Raises Equity from Goldman Sachs, Bessemer Venture Partners and the Stripes Group
MILFORD, CT - August 23, 2007 – On the heels of the announcement of a $50 million dollar financing by Goldman Sachs two weeks ago, Perimeter eSecurity, the leading provider of Complete Security On Demand, announced today a business combination with USA.NET, the leading provider of secure eMessaging services. The company also announced that as a follow-up to their initial investment Goldman Sachs provided equity financing along with Bessemer Ventures and the Stripes Group.
“For many years businesses needed huge IT departments to assess, integrate, and continually monitor security appliances, but network and email hygiene can no longer be a luxury exclusive to the largest corporations,” said David Cowan, managing partner of Bessemer Venture Partners, who will take up a position on Perimeter’s Board.
So, Bessemer resolved to partner with the most business-friendly, state-of-the-art security and hosted business eMessaging companies that can deliver a soup-to-nuts service.”
David Cowan has a strong track record in successful IT security funding. In addition to Postini - another security software-as-a-service (SaaS) company – that was recently purchased by Google for $625 million, he was also involved in the funding of Cyota, Counterpane, Lifelock and VeriSign, which he co-founded.
A leading SaaS company, USA.NET offers a fully integrated suite of secure hosted messaging services including its Hosted Microsoft® Exchange and Commercial Messaging Solution (CMS) platforms and suite of enhanced services including Anti-Virus/Anti-Spam, Content Filtering, Encrypted Email, Email Archiving, Unified Messaging and Mobility solutions.
“We are excited to be a sponsor of Perimeter’s acquisition of USA.NET,” said Kenneth A. Fox, Founder and President of Stripes Group, LLC. “The combined product offerings provide customers with the highest quality and most complete enterprise security and email solutions on the market. Perimeter’s acquisition of USA.NET further solidifies Perimeter as the best choice for enterprise customers seeking complete security and email solutions.”
Brad Miller, CEO of Perimeter eSecurity, said “USA.NET will add over 1,300 clients to our existing customer base of 4,000, nearly half of which are in the financial services industry. Together, we now offer an incomparable suite of hosted security services that will help take Perimeter to the next level and ensure our market leadership.”
Clients can plug into Perimeter’s pre-integrated security platform to access 50+ managed security services On-Demand — instantly. Offerings include Vulnerability Defense, Intrusion Defense, Network Defense, Email Defense, System Defense, and User Defense. The Company markets its products through channel partners, a direct sales force and a growing base of network service providers. Perimeter’s revenues have grown 575% between 2001 and 2006.
“We are very pleased to be combining USA.NET with Perimeter eSecurity the industry leader in on demand security,” said David Ramon, President and CEO, USA.NET. “Perimeter shares our same commitment to operational excellence, customer service, security, and compliance. Security services have rapidly become one of the most sought after offerings from our clients and this merger will dramatically enhance the depth and breadth of security and compliance services that we can offer our valued clients.”
“As a result of USA.NET’s leading position in the messaging services market, there will be no operating changes for them as a result of this transaction,” said Miller. “We are committed to growing this business and to leverage their previous success.”
About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About Bessemer Venture Partners
Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Mumbai and Shanghai. As the oldest venture capital practice in the United States, Bessemer has partnered as an active, hands-on investor in Ciena, Ingersoll Rand, Parametric, Skype, Staples, VeriSign and W.R. Grace and over 100 other companies that have gone public. To learn more, visit www.bvp.com.
About Stripes Group
Stripes Group provides profitable entrepreneurial companies with a catalyst to meet their long term operating goals. As an active partner, Stripes Group supports its portfolio companies with growth capital, access to Fortune 1000 customers, executive talent recruitment and the ability to tap the operating experience of its principals, while also providing liquidity to selling shareholders. Stripes Group seeks to make minority and growth buy-out investments that require $10 million to $100 million of equity per transaction. Stripes Group executes a targeted investment strategy in Technology, Branded Consumer Product, Financial Service and Healthcare Service companies. Please visit www.stripesgroup.com for additional information.
Cited as the “Top Player” for the hosted business email market for 2006 by The Radicati Group, Inc., USA.NET, The Global Secure eMessaging Service Provider®, is the only hosting provider that is SAS 70 Type II Audited, Microsoft Gold Certified, a member of the Microsoft Technology Adoption Program for Exchange 2007/E14, and winner of the 2006 Microsoft Excellence Award for Exchange Hosting Solutions. USA.NET eMessaging solutions are modular and infinitely scalable to ensure customers can grow their business without having to invest additional resources, time or capital into their mission-critical messaging infrastructure. More information about USA.NET, visit www.usa.net.
About Perimeter eSecurity
As the only provider of complete security on demand, Perimeter eSecurity makes security easily available and affordable for all businesses. Perimeter’s on demand security services protect thousands of computer networks nationwide, offering more than 50 different services on a subscription basis in the areas of: Vulnerability Defense, Intrusion Defense, Network Defense, Email Defense, System Defense, and User Defense. With the proliferation of security threats and technologies, clients benefit from a single-source provider that offers all services through one pre-integrated platform and web portal.
Perimeter’s security SaaS services are continuously expanded, enhanced and upgraded for current and future regulatory compliance. With seven geographically distributed technical offices and three redundant data centers, Perimeter’s complete, on-demand and affordable security services are always available and have been validated by multiple independent third parties. For more information about Perimeter visit www.perimeterusa.com.
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