Security Vendor Lands $2.5 Million In Private Funding - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

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.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
News
How COVID is Changing Technology Futures
Jessica Davis, Senior Editor, Enterprise Apps,  7/23/2020
Slideshows
10 Ways AI Is Transforming Enterprise Software
Cynthia Harvey, Freelance Journalist, InformationWeek,  7/13/2020
Commentary
IT Career Paths You May Not Have Considered
Lisa Morgan, Freelance Writer,  6/30/2020
Register for InformationWeek Newsletters
Video
Current Issue
Special Report: Why Performance Testing is Crucial Today
This special report will help enterprises determine what they should expect from performance testing solutions and how to put them to work most efficiently. Get it today!
White Papers
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.
Sponsored Video
Flash Poll