TEL AVIV, ISRAEL and PHILADELPHIA, PA -- 02/19/08 --
Safend, an international provider of endpoint Data
Leakage Prevention (DLP) solutions for enterprise computers, today
announced it has secured its Series C round of funding. The $9 million
round is being funded by a leading multi-billion dollar European asset
management firm, as well as Safend's existing investors, Elron (NASDAQ: ELRN) (TELAVIV: ELRN), Intel Capital and Walden Israel Venture Capital.
The new funding enables Safend to accelerate development efforts of its
core technology, new solution offerings, and fund continued growth through
strategic partnerships and distribution channels worldwide.
"Safend is a very promising company that is already generating substantial
revenues by having the best-of-breed detachable storage and device control
solutions on the market," said Yair Cohen, Vice President at Elron. "With
its established management team, industry proven and certified technology,
and impressive customer base, Safend is well positioned for continued
success."
"Safend's impressive technical development team is unquestionably among the
best we have encountered," said Noga Kap, General Partner, Walden Israel
Venture Capital. "Their continued dedication to their customers through
product innovation, quality assurance, and new partnerships makes Safend a
solid investment choice for Walden Israel."
Founded in 2003, Safend has grown to acquire more than 650 customers
worldwide and continues to expand its customer base as more organizations
increasingly recognize data security as a top priority and strategic asset.
According to recent surveys, 79% of all organizations handle sensitive
data, 55% of the data remains unprotected and according to the Ponemon
Institute, a Michigan-based independent research firm, the average data
loss incident will cost an organization $6.3 million.
Safend's award-winning software solutions, Safend Auditor and Safend
Protector, enable organizations to reduce the risk of data loss, theft
and misuse by monitoring and controlling access to sensitive data. The
Safend solution protects confidential data stored on enterprise PCs and
laptops by monitoring the transfer of sensitive data and controls access to
removable storage devices and wireless communication ports. Safend has
often been recognized for having innovative products and has recently
received numerous industry awards including the Info Security Hot Company
2007 Award and the 2008 Global Excellence Award for Best Endpoint Security
Solution.
"The fact that the original investors subscribed to this round is
significant," said Gil Sever, Safend's Chief Executive Officer. "It
validates Safend's strategy and execution performance, and demonstrates our
investors' confidence in the market opportunity and demand for our evolving
solution. Our investors have a proven track record of investing in
successful start-ups. We are pleased to have attracted strong venture
partners and look forward to working with them as we continue to address
the pervasive problem of data leakage."
About Elron Electronic Industries Ltd.
Elron Electronic Industries Ltd. (NASDAQ: ELRN) (TELAVIV: ELRN), a member
of the IDB Holding group, is a leading Israel-based technology holding
company directly involved in the long-term performance of its group
companies. Elron identifies potential technologies, creates strategic
partnerships, secures financing, and recruits highly qualified management
teams. Elron's group companies currently comprise a diverse range of
publicly traded and privately held companies primarily in the fields of
medical devices, information & communications technology, clean technology
and semiconductors. For further information, visit www.elron.com, or
contact Rinat Remler, +972-3-6075555 or rinat@elron.net.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity
investments in innovative technology start-ups and companies worldwide.
Intel Capital invests in a broad range of companies offering hardware,
software and services targeting enterprise, home, mobility, health,
consumer Internet, semiconductor manufacturing, and cleantech. Since 1991,
Intel Capital has invested more than US$6 billion in approximately 1,000
companies in more than 40 countries. In that timeframe, about 157 portfolio
companies have gone public on various exchanges around the world and
another 187 have been acquired by other companies. In 2007, Intel Capital
invested about US$639 million in 166 deals with approximately 37 percent of
funds invested outside the United States. For more information on Intel
Capital and its differentiated advantages, visit www.intelcapital.com.
About Walden Israel
Walden Israel is one of the first Israeli venture capital funds dedicated
to investing in early-stage start-ups. Their investment team comprises
experienced entrepreneurs and their international affiliation spans
twenty-five years of experience in building over four hundred early-stage
companies. With over $185 million under management in three funds, Walden
Israel concentrates investments in Enterprise Software and e/c-Commerce
Technology; and Communication and Internet Infrastructure. For more
information, contact Noga Kap, Walden Israel General Partner,
+972-9-961-8000, +972-54-4428289, or +1 (415) 215-8106 or Leslie Perlberg,
Director of Marketing Communications, +972-54-661-7611.
About Safend
Safend is a leading provider of endpoint data leakage prevention solutions
that protect against corporate data loss via physical, wireless, and
removable media ports while ensuring compliance with regulatory data
security and privacy standards. Safend's solutions, available through
resellers worldwide, are deployed by multinational enterprises, government
agencies and small to mid-size companies across the globe. Founded in 2003,
Safend is a privately held company funded by Elron Electronics (NASDAQ and
TASE: ELRN), Intel Capital, and Walden Israel Venture Capital. Safend is
headquartered in Tel Aviv with US headquarters in Philadelphia. For more
information, visit www.safend.com.
Contact:
Heather Lazenby
+1 678-910-7178
heather@revellpechar.com
Leah Washington
+1 215-496-9646
leah@safend.com
