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
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
News
Rethinking IT: Tech Investments that Drive Business Growth
Jessica Davis, Senior Editor, Enterprise Apps,  10/3/2019
Slideshows
IT Careers: 12 Job Skills in Demand for 2020
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/1/2019
Commentary
Six Inevitable Technologies and the Milestones They Unlock
Guest Commentary, Guest Commentary,  10/3/2019
Register for InformationWeek Newsletters
Video
Current Issue
Data Science and AI in the Fast Lane
This IT Trend Report will help you gain insight into how quickly and dramatically data science is influencing how enterprises are managed and where they will derive business success. Read the report 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