Marshal8e6 Raises $10 Million from Updata Partners to Create New Security Software Leader
Strategic Combination of Email and Web Communications and Content Security; Scale will Drive Success: 20,000 customers, $50 million in billings, 250 employees, and Global Sales, Support & Research Capabilities; Secure Web Gateway Market Estimated to be More than $1 billion, Growing 44%
Orange, CA and London, UK (Vocus) November 12, 2008
Marshal8e6, a global provider of Secure Internet Gateway products for organizations of all sizes, today announced it has raised $10 million in equity financing from Updata Partners to fund its formation and future expansion. Marshal8e6 is the newly formed company created through the merger of Marshal, a UK-based leader in email and Web content security software and technology, and 8e6 Technologies, a US-based leader in Web filtering appliances and technology. The combination creates the only independent software company capable of securing all forms of Internet-based communication streams - including internal corporate emails, Internet-based email services, Web sites and Instant Messaging.
"Updata's vote of confidence validates our strategy of building a new leader in the security software marketplace," said George Shih, acting CEO of Marshal8e6 and former CEO of 8e6. "Our customers are facing increasingly dynamic threats from compromised Web sites, corrupted emails, and infected instant messages; with Updata's support and market insight we now have all the capabilities to address that enormous market need."
Marshal8e6 serves more than 20,000 customers managing more than 16 million end users in 96 countries, and had combined billings of more than $50 million in the past twelve months. Marshal8e6 begins operations with more than 250 employees and major R&D and sales operations in Orange, California, Basingstoke, England, Auckland, New Zealand and Taipei, Taiwan.
"Today's threat landscape does not discriminate between Web-based and email threats," said Ed Macnair, Chief Strategy Officer of Marshal8e6 and former CEO of Marshal. "IT Directors want an easy-to-manage, integrated solution that filters malware from inbound and outbound email and Web traffic, stops data leakage, and does so with common administration and reporting. With Updata's capital infusion, Marshal8e6 now has all the pieces in place to be a new leader in the market."
According to a September 2008 report by the Gartner Group (''Magic Quadrant for Secure Web Gateway''), the total Secure Web Gateway market exceeded $1 billion in 2007 and was growing at an average rate of 44 percent year over year. Gartner also estimates that dedicated Secure Web Gateway vendors are the fastest-growing submarket, experiencing 140 percent year-over-year growth.
Commensurate with the funding, James Socas, General Partner of Updata Partners, will join the Marshal8e6 Board of Directors. Mr. Socas also brings to this role his recent experience serving on the senior executive team of Symantec, the leading public security company, as Head of Corporate Development, with responsibility for global M&A and strategic investment strategy. He will join newly appointed Board Chairman Simon Wilson, the former Chief Financial Officer and EVP of Operations for SurfControl, a public Internet & Web security company acquired by Websense, as well as existing 8e6 board members, Frank Wood and Mahendra Vora, and existing Marshal board members, Philip Weston and Patrick Keenan, who also serve as Partners of Kelso Place Asset Management.
"With its operating scale, impressive customer base, recurring revenue business model, and differentiated technology, Marshal8e6 will be a new force to be reckoned with," said Socas. "I am delighted to be part of such an outstanding team, and I look forward to helping build the next industry leader."
About Marshal8e6
Marshal 8e6 is a global provider of Secure Internet Gateway products for organizations of all sizes. Its customers include over 40 percent of the Global Fortune 500, schools & universities, healthcare providers, governments, and small businesses. With the company's Internet and email filtering solutions, customers can proactively enforce Internet usage policies, comply with corporate governance requirements and improve network performance while protecting employees from inbound malware. With the company's data leakage prevention capabilities, organizations can protect proprietary information and corporate reputation. Marshal8e6 is the only security company capable of delivering comprehensive content security across multiple operating systems - from Windows to Linux - and multiple delivery platforms - software, appliances, and Software-as-a-Service (SaaS).
For more information, visit www. marshal8e6.com.
Marshal8e6 Contact:
Ed Macnair
Chief Strategy Officer
UK: +44 (0) 1256 848 080
US: (714) 282-6111 ext. 110
Ed. macnair@marshal8e6.com
About Updata Partners
Updata Partners is a leading growth stage venture capital and private equity firm focused on investing in software and technology-driven business services companies. Since the firm's founding in 1998, it has invested in more than 30 leading technology companies, and currently has approximately $500 million in capital under management. Updata Partners is led by an investment team averaging more than 20 years of operational, advisory and investment experience in the technology industry, based in Reston, Virginia and Edison, New Jersey.
For more information, visit www. updatapartners. com.
Updata Partners Contact:
Linda Maddox
Manager, Communications
(703) 464-7273
Lmaddox@updata. com
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