Security Vendor Lands $2.5 Million In Private Funding
Citadel Software says investment validates its Hercules technology to automate fixing security holes.
Citadel Software Inc., a vendor of automated vulnerability remediation technology, says it has raised $2.5 million private placement funding.
The company issued 3.125 million shares of restricted common stock at a purchase price of 80 cents per share. Investors included institutions and accredited investors.
Citadel said Thursday that the funding, along with the recent Slammer worm attack, validates the company's Hercules technology to automate fixing security holes in enterprise systems. Security managers can't keep up with manually resolving vulnerabilities, the company said.
In connection with the private placement, Citadel also issued warrants to purchase about 1.725 million shares of common stock. The warrants issued to investors have an exercise price of $1.50 per share and a three-year term. About 161,000 of the total warrants were issued to the placement agent at an exercise price of $1.18 per share.
The Business of Going DigitalDigital business isn't about changing code; it's about changing what legacy sales, distribution, customer service, and product groups do in the new digital age. It's about bringing big data analytics, mobile, social, marketing automation, cloud computing, and the app economy together to launch new products and services. We're seeing new titles in this digital revolution, new responsibilities, new business models, and major shifts in technology spending.
Join InformationWeek’s Lorna Garey and Mike Healey, president of Yeoman Technology Group, an engineering and research firm focused on maximizing technology investments, to discuss the right way to go digital.