Fox Technologies has been acquired by southern California-based Parallax Capital Fund, a private equity fund managed by Parallax Capital Partners.
The terms of the transaction have not been disclosed.
FoxT’s access to management and governance products enable organisations to proactively administer, enforce and audit granular access policies across diverse servers, applications, databases, and desktops from a single unified infrastructure. The access policies can be easily configured to control access, protocols, privileges, and command execution. By proactively enforcing authorisation and authentication-related policies, organisations reduce the risk of an insider security breach while solving key governance and compliance challenges.
"FoxT fits our ideal profile of companies in which we like to invest," says James Hale, managing partner of Parallax Capital Fund. "With a 98 per cent customer retention rate, a clearly differentiated offering and the ability to secure and audit a variety of IT systems through a single access management platform, we are confident that our investment will enable FoxT to address additional security and governance challenges facing the marketplace."
Hale says the FoxT name will remain in place and the company will be leveraging Parallax’s bench of industry experts and institutional fund stability to build on the current business platform, increase product development and R&D. The company also plans to significantly increase sales, technical, and support staff in the months ahead.
Victor Shepherd will serve as chief executive of FoxT. Shepherd comes to FoxT with more than 25 years of leadership experience helping high-growth technology companies maximize their potential.
"FoxT has a great established product platform, and I believe we are in the right place at the right time in the market. With daily headlines reporting on costly security breaches, access management and governance continues to be a business priority for the organisations concerned with protecting their data and reputations and we are excited to be a part of FoxT to help accelerate growth," Shepherd says. "We believe that FoxT’s unique combination of multi-factor authentication and granular authorisation, automated policy management, and pre-built connectivity to directories, identity management and SIEM solutions offer a highly effective and affordable way for organisations to reduce the risk of a security breach."
Subhash Tantry, previous CEO of FoxT, will assist the company in an advisory capacity. Other members of the company’s leadership team will remain in place, with continued oversight over FoxT’s products, services, and customer service.
