GeoTrust Closes $10
Million Investment Round
Funding Used For Continued Expansion of Marketing,
Sales and Acquisition Initiatives
February 25, 2002 - Wellesley,
MA. - GeoTrust, Inc.(www.geotrust.com),
an emerging leader in identity and security solutions
for e-business, today announced it has secured $10
million funding led by Prism Venture Partners. Prism
has joined the prestigious list of investors that
include St. Paul Venture Capital, Castile Ventures,
and CB Capital. The investment will support GeoTrust's
sales, marketing and acquisition initiatives.
"Because of our execution and our ability to
raise money in a difficult climate, GeoTrust is gaining
significant momentum in the Internet security market,
" GeoTrust CEO Neal Creighton said. "We are delivering
solutions that are gaining significant market share
as we continue to provide leadership and innovation
in our industry."
GeoTrust has emerged as the leading innovator in
the 3As ä authentication, authorization and administration
ä sector of the Security Market, which IDC projects
to grow to $9.5 billion by 2005. According to SecuritySpace.com
(www.securityspace.com),
GeoTrust garnered 7.86% market share in the digital
certificate market in January 2002 seizing share from
existing industry leaders.
"We are pleased to lead this round of funding,
as GeoTrust is well positioned to take advantage of
sizeable opportunities in the security market," said
Jack Sweeney, General Partner, Prism Venture Partners.
"The GeoTrust team has tremendous experience in the
development of security infrastructure software. Prism's
investment is a direct reflection of the company's
ability to deliver an exceptional product and succeed
in this high growth area."
"GeoTrust has superior technology and a strong
management team targeting Internet Security. GeoTrust
has next generation technology for web trust services
that offers the web hosting community a unique combination
of identity verification and transaction security
ä delivered at a fraction of the time and cost of
other solutions, said Zenas Hutcheson, General Partner,
St. Paul Venture Capital. "GeoTrust will emerge as
a dominant force in the Internet Trust market. We
are pleased to be working with the GeoTrust team and
Prism."
About Prism Venture Partners
Prism Venture Partners, Westwood, MA, is a leading
venture capital firm with early-stage investments
in communications, business infrastructure software
and healthcare. Since inception in 1996, Prism has
rapidly gained industry recognition through the firm's
high-visibility investment strategies. With $1 billion
in capital under management, Prism's growth reflects
the extensive entrepreneurial expertise of its partners,
a hands-on approach to working with portfolio companies,
an integrated network of investors, and access to
growing pool of highly skilled entrepreneurs. To better
leverage West Coast investment opportunities, Prism
has recently established an office based in San Francisco.
Additional information on Prism Venture Partners can
be found at www.prismventure.com.
About GeoTrust, Inc.
GeoTrust, Inc.(www.geotrust.com),
GeoTrust, Inc., an emerging leader in Identity and
Trust Services, helps organizations of all sizes secure
e-commerce transactions, trusted identities, and fully
managed trusted environments for conducting e-business.
GeoTrust's Enterprise Trust Services is the first
fully managed PKI-based security service to safely
deploy Internet applications for the next generation
of business. GeoTrust's Web Trust Services offer hosting
providers and businesses with world-class digital
certificates for fast transaction security and patent-pending
smart-seals to ensure a trusted identity on the web.
With more than 25,000 companies in over 80 countries
using its technology for transaction security, GeoTrust
is the second largest digital certificate provider
in the world. GeoTrust can be reached at
www.geotrust.com or 800-944-0492.
QuickSSL, eBusinessID, and True Site are a trademark
of GeoTrust, Inc.
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