Security 7 has just completed a private placement and capital raising of $2.5 million, through share and convertible debenture allotments. The Oppenheimer group led the capital raising, through the Genesis Fund and the US Bank of Boston. Private investors also participated in the issue.
Security 7 is a start-up company, established by Doron Algeresy and Asher Yoshpe, financed by private entrepreneurs. The company developed a security system for the Internet, designed for large and medium-sized companies, which enables the setting up of an organizational management center and the updating of all network stations.
The company has just signed a global distribution agreement with CA for a volume of tens of thousands of systems. CA is the second largest software company in the world. In addition, an agreement has been signed for the distribution in Japan, with Asgen, which markets software programs for information security. Asgen will also adapt the system to the Japanese language, and will shortly sign a distribution agreement for extensive distribution in the US.
Under the terms of agreement with CA, the latter has undertaken to sell tens of thousands of Security 7 security products during the next eighteen months, through its distribution network around the world. In addition, CA received the option to extend the agreement to a volume of hundreds of thousands of systems.
Published by Israel's Business Arena January 25, 1998