Internet security company Finjan Software has raised $10 million in an investment round led by HarbourVest Partners. Current investors Benchmark Capital and Israel Seed Partners also participated.
The company said it would use the proceeds to accelerate growth and widen its penetration into additional geographical markets.
"We intend to take the US market by storm. Our geographical expansion is going to be aggressive," Finjan president and CEO Asher Polani said today.
Finjan was founded in 1996. It develops and sells Internet information security solutions for businesses and organizations of all sizes. The company offers defense against Trojan horses, spyware, and hacking via the Internet. It employs 120 people, about 80 of them in Israel.
In previous fund raising rounds, Finjan raised 433 million. Among its investors are Cisco, Bessemer Ventures, and Microsoft, which is licensed to use Finjan patents.
"The web security market is the highest growing security segment with a great impact on content security management as a whole" said Rob Wadsworth, Managing Director of HarbourVest Partners. "Finjan has the proven expertise and best technology to proactively eliminate web-borne threats."
This round of funding will help Finjan extend its sales and marketing infrastructure and bolster its leadership position in the web security space, the company said. Finjan said it would also continue to invest heavily in enhancing its product portfolio, as well as cutting-edge R&D initiatives.
"Globes": Do you intend to float the company?
Polani: "We have thoughts about entering the public arena, through a flotation or through activity closer to the big companies. At present, we're building a company for the long haul."
About eighteen months ago, there was speculation that Cisco was interested in buying Finjan for something like $50 million. Is an acquisition still on the cards?
"As far as we are concerned, the acquisition of Finjan is not on the agenda at the moment, although I can't deny that there is someone showing interest in us as a potential acquisition target. Nevertheless, it won't happen in the near future."
Published by Globes [online], Israel business news - www.globes.co.il - on February 8, 2006