Corero Network Security’s UK Parent Company Announces $7.2 Million Round of Equity Funding
Corero’s UK parent company raised over $7.2 million in funding, which will help to execute Corero’s growth plans
Hudson, MA., February 27, 2012 – Corero Network Security, the leader in on-premises Distributed Denial of Service (DDoS) Defense Systems for enterprises, data centers and hosting providers, today announced that its parent company, the UK AIM-listed Corero Network Security plc (AIM: CNS), has raised $7.2 million (£4.56 million) through an over-subscribed conditional placing in the United Kingdom. This fundraising attracted both new and existing institutional investors and is subject to approval of shareholders on March 5, 2012.
The new equity funding will enable Corero to execute its organic growth plans for 2012 and 2013 by investing in sales and marketing in order to increase brand awareness and deepen existing channel relationships, and in the product development team to deliver the planned product roadmap.
“This new equity allows Corero to further penetrate the network security market and ensure that it is well placed to fully exploit opportunities in network security, an area which is becoming ever more relevant to businesses in light of increasing cyber attacks,” said Jens Montanana, chairman of Corero Network Security plc. "The Board was very encouraged by the level of institutional interest in this fundraising. Corero has the technology to offer viable and proven solutions to enterprises. By using these funds to invest in marketing and sales personnel and further invest in product development, Corero will be able make this technology available to a greater number of potential customers.”
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.