The firm is a pioneer in application security.
Israeli-US information security company Breach Security Inc. has closed its latest financing round, raising $6 million. The round was led by US venture capital fund Enterprise Partners Venture Capital. Israeli venture capital fund Evergreen Venture Partners, one of the company's longstanding investors, also participated. According to IVC Online data, Breach Security has raised $56 million to date, including the latest round. The company had $6 million in sales in 2007, and it expects to increase this to $8 million in 2008.
Breach Security, which was founded in 1998, is one of the pioneers in web application security. The company was founded as Gilan, but in 2004, a group of US venture capital funds headed by Enterprise Security merged it with a shell company called Breach Security, in order to incorporate it in the US. As part of this change, part of the management team was replaced and Mike Pierce was appointed CEO. Despite these changes, the company has retained its R&D center in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2008
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