CoreStreet Closes $8.5 Million Investment Round; Updata and POD Holding Co-Lead in B Round; Updata Managing Partner John Burton Joins Board.Business Editors/High-Tech Writers CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 23, 2004 CoreStreet, the leading provider of validation solutions for identity management and access control, today announced the closing of $8.5 million in new funding co-led by Updata Partners and A round investor POD Holding. A number of individual investors also participated in this round. This recent investment brings total funds raised to $14 Million. The additional funds will be used for new product and international business development activities. "We are pleased to have Updata Partners join our existing investors in our Series B funding round," said Peter Hussey, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CoreStreet. "Updata's extensive software and information systems industry expertise, coupled with their global leadership experience, will be valuable assets to CoreStreet as we grow our company. Our investors understand the potential of CoreStreet and its ability to deliver the only scalable validation solution for use in identity management and access control applications in both connected and intermittently connected environments." CoreStreet enables organizations to view security in a more active manner, making transactions faster and more effective. With CoreStreet's Real Time Credentials(TM) technology, organizations can grant or revoke access to buildings, computer networks, applications or devices - anywhere in the world - without having to set up an expensive secure infrastructure. CoreStreet's technology seamlessly scales to billions of users and can be implemented in connected, disconnected or partially connected environments. "Updata has significant experience in the security market sector and, as such, we're particularly enthused with CoreStreet's advanced technological confluence confluence /con·flu·ence/ (kon´floo-ins) 1. a running together; a meeting of streams.con´fluent 2. in embryology, the flowing of cells, a component process of gastrulation. of the physical and digital security components, in addition to its expanding customer base," says John Burton John Burton is the name of:
John Burton will also join the CoreStreet board. Prior to Updata, Mr. Burton held senior operating roles in the technology industry as president, COO and CEO of Legent Corporation and co-founder, COO and director of Business Software Technology, Inc. Mr. Burton has served as chairman of Banyan banyan (băn`yən), species of fig (Ficus bengalensis) of the family Moraceae (mulberry family), native to India, where it is venerated. Its seeds usually germinate in the branches of some tree where they have been dropped by birds. Systems, Inc. and sits on the boards of several public and private technology firms. Tim Meyers, also a managing partner of Updata Partners, will work closely with CoreStreet's Board and management team in an advisory capacity. "We are very excited that CoreStreet has completed a successful B Round financing, and we feel good about the company's progress since our original A round investment," says Johan Pontin, a founding partner of POD Holding. "Updata brings strong security sector expertise to CoreStreet and we are happy Updata is joining us as an investment partner." This funding announcement comes on the heels of strong momentum for the company. CoreStreet recently announced that it is the first and only distributed OCSP OCSP Online Certificate Status Protocol OCSP Off-Campus Study Program responder to complete U.S. Department of Defense (DOD (1) (Dial On Demand) A feature that allows a device to automatically dial a telephone number. For example, an ISDN router with dial on demand will automatically dial up the ISP when it senses IP traffic destined for the Internet. ) Public Key Infrastructure (PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ) testing by the The Joint Interoperability Test Command The Joint Interoperability Test Command (JITC) is a United States military organization that tests technology that pertains to multiple branches of the armed services and government. There is a facility in Fort Huachuca, Arizona and in Indian Head, Maryland. (JITC JITC Joint Interoperability Test Command (formerly Joint Interoperability Test Center) JITC Joint Interoperability Test Center (obsolete; now Joint Interoperability Test Command) ). CoreStreet was also the recipient of Frost & Sullivan's 2003 Technology Innovation Award for groundbreaking security technology and was nominated for 2004 "Readers Trust" award by the editors of SC Magazine. About Updata Partners Updata Partners is the venture capital and private equity affiliate of Updata Capital, Inc., a leading investment bank specializing in mergers and acquisitions for the IT industry. With offices in Reston, Virginia Reston is an internationally known planned community whose goal was to revolutionize post-World War II concepts of land use and residential/corporate development in American suburbia. and Red Bank, New Jersey, the professionals at Updata Partners have a highly successful history in industry operational roles and as investors in early stage technology companies. For additional information visit www.updatapartners.com. About POD Holding Pod Holding is a private equity firm located in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New and Stockholm, Sweden. Pod Holding invests in proven entrepreneurs in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Nordic countries with enabling technologies and transformational business models. Key areas of investment include information communication, security and public safety companies. Pod has deep expertise in these markets, and deep roots in the United States and Sweden--a country home to some of the most sophisticated technology companies in the world. For additional information visit: www.podholding.com. About CoreStreet CoreStreet is the only provider of massively scalable validation products for identity management and access control. With CoreStreet's Real Time Credentials(TM), organizations can control physical and logical access to buildings, computer networks, applications and devices. Real Time Credentials solutions can be deployed anywhere in the world - in connected and disconnected environments - without having to set up costly and vulnerable infrastructure. CoreStreet's products are designed to secure large, mission-critical applications for military, civilian government, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and healthcare customers. The company, headquartered in Cambridge, Mass., holds 14 patents with more pending. For more information, visit www.CoreStreet.com. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion