AlienVault, creator of OSSIM, the de-facto standard open source SIEM (Security Information and Event Management) solution, has closed an USD8 million Series B financing led by new investor Trident Capital with participation from existing investors Adara Venture Partners and Neotec.
The company has named Trident managing director J Alberto Yepez Chairman of the Board. Trident principal Michael Biggee also joins the AlienVault Board of Directors. The funding will be used to accelerate research and development and aggressively expand sales and marketing to meet increasing demand for unified security management from around the world. AlienVault also recently announced the appointment of a new executive team, led by CEO Barmak Meftah and CTO Roger Thornton.
Trident Capital has an exceptional track record of building successful cyber security companies including: AirTight Networks, Arxan, BlueCat Networks, HyTrust, Neohapsis, Qualys, Solera Networks, Voltage Security, Sygate (acquired by Symantec – NASDAQ: SYMC), Tablus (acquired by EMC – NYSE: EMC), Thor Technologies (acquired by Oracle – NASDAQ: ORCL), and Tricipher (acquired by VMware – NYSE: VMW).
“The SIEM market is the fastest growing segment in information security and AlienVault’s OSSIM is the leading open source SIEM,” says Yepez. “AlienVault is uniquely positioned to expand its leadership in a global market that wants proven, cost-effective solutions that provide a unified management approach to their security requirements. The combination of the OSSIM community, the AlienVault team led by founders Julio Casal and Dominique Karg, and the recent addition of the experienced Silicon Valley executive team we helped recruit, will establish the company as the leader in the rapidly growing unified security management market.”
According to global investment banking and asset management firm William Blair & Co., the SIEM market is growing at 21.9% CAGR and on track to surpass USD2.3 billion by 2014.
“Trident is one of the most prominent investors in cyber security, and we’re proud to be partnering with them as we build our business and establish the first true platform for unified security management,” says AlienVault President and CEO Barmak Meftah. “This funding comes amid significant momentum at AlienVault as the company has achieved 150% year over year revenue growth and is poised for even greater expansion in 2012.”
