Security Vendor Lands $2.5 Million In Private Funding - InformationWeek
IoT
IoT
News
News
1/31/2003
08:45 AM
50%
50%
RELATED EVENTS
The Real Impact of a Data Security Breach
Aug 02, 2017
In this webcast, experts discuss the real losses associated with a breach, both in the data center ...Read More>>

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.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
How Enterprises Are Attacking the IT Security Enterprise
How Enterprises Are Attacking the IT Security Enterprise
To learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Register for InformationWeek Newsletters
White Papers
Current Issue
IT Strategies to Conquer the Cloud
Chances are your organization is adopting cloud computing in one way or another -- or in multiple ways. Understanding the skills you need and how cloud affects IT operations and networking will help you adapt.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll