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GeoTrust Closes $3.7 Million Investment Round
March 15, 2004
St Paul Ventures and Prism Ventures Lead Round; Technology Industry Veteran Gary Eichhorn Joins Company as Chairman of Board Wellesley, Mass. - GeoTrust, Inc., a leader in identity and security solutions for e-business and the world’s second largest
certificate authority, today announced the closing of a $3.7 million round of funding, led by St. Paul Ventures and Prism Ventures. Castile Ventures also contributed to the Series E round. This recent investment brings total funds raised to $40.9 million. The new
funds will be used to accelerate GeoTrust’s growth and expansion with enterprise level companies and in the European and Japanese markets because of strong demand for the company’s products and services in these markets. GeoTrust also announced that software
industry veteran Gary Eichhorn has joined the company as Chairman of the Board. Eichhorn brings nearly 30 years of experience in the software and technology industry to GeoTrust’s board. “We are thrilled to have St. Paul and Prism and our other investors on board
as we take advantage of our cash-flow-positive results to accelerate GeoTrust’s growth and further penetrate the enterprise security market,” said Neal Creighton, co-founder, president and CEO of GeoTrust. “Bringing Gary Eichhorn on as Chairman is an important
milestone in GeoTrust’s growth because he possesses a wealth of knowledge and immeasurable experience taking companies public and working with rapidly growing companies in the software industry.” Gary Eichhorn is one of the most well respected management
consultants in the technology industry. He was previously CEO of Open Market, Inc., and during his tenure the company grew annual revenues from $1 million to more than $80 million. Eichhorn has held other executive management positions at Hewlett Packard and Digital
Equipment Corporation. He is a 1975 graduate of Colgate University, where he earned a bachelor’s degree in Chemistry. Eichhorn also attended the Advanced Management Program at Harvard Business School in 1988. Eichhorn is currently a member of the National Association
of Corporate Directors. He previously served on the Board of Directors of Ansys, Inc., a leading engineering software analysis company. During his tenure on the board, the company completed a successful IPO. Eichhorn was also previously a director of the Boston
Computer Museum. “St. Paul Ventures and GeoTrust share a common vision and the additional funding enables a hastening of development of future products and services at a time when the company is poised to expand,” said Zenas Hutcheson, managing partner, St. Paul
Ventures. “Offering enterprise level products to more than 15,000 companies around the world is a sign that an aggressive strategy in the months ahead can lead to further consolidation in the market.” “Prism Ventures has been impressed with GeoTrust’s technology and
services and continued growth in developing the leading security and identity solutions, said Jim Counihan, principal of Prism Ventures. “GeoTrust’s new technologies are seeing rapid uptake, both domestically and in the numerous overseas markets the company serves.
We believe the company has strong potential for rapid growth as it increasingly penetrates large enterprises.” About GeoTrust, Inc. GeoTrust, Inc., an emerging leader in Identity and Trust Services, helps organizations of all sizes secure e-commerce transactions,
trusted identities and fully managed trusted environments for conducting e-business. GeoTrust's Web Security Services offer hosting providers and businesses with world-class digital certificates for fast transaction security and patent-pending smart-seals to ensure
a trusted identity on the Web. GeoTrust also offers managed security services for large enterprises. With more than 60,000 companies in over 140 countries using its technology for transaction security, GeoTrust is the second largest digital certificate provider in
the world. GeoTrust can be reached at www.geotrust.com or 800-944-0492. GeoTrust is a registered trademark of GeoTrust, Inc. QuickSSL and True Site are trademarks of GeoTrust, Inc. All other product names are trademarks or registered trademarks of their respective
owners. Media Contact: GeoTrust Contacts: Kae Kronthaler-Williams GeoTrust 781-263-4113 Alicia Allen Schwartz Communications, Inc. 781-684-0770 geotrust@schwartz-pr.com
Related Company:
GeoTrust, Inc.
Additional Information:
www.geotrust.com
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