AlgoSec closes $36m investment from Claridge IL
posted by AlgoSec,
AlgoSec, the security policy management vendor, has secured a US$36M investment by Claridge IL, a growth technology investment partnership between CDPQ - one of the largest institutional investors in North America with net assets of over US$220 Billion, and Claridge Inc. the Stephen R. Bronfman Family Office.
This is the first external investment in AlgoSec, following a decade of consistent growth and profitability. The Company has, over the years, delivered its market leading solution to over 1,500 enterprise customers globally and employs over 350 employees worldwide, of which 120 joined in 2017 alone.
“Companies with ambitious growth plans need experienced, value-adding investors by their side. We are very pleased that such a prestigious and well-respected firm such as Claridge IL is investing in AlgoSec,” said Yuval Baron, CEO of AlgoSec. “We chose to partner with Claridge IL over dozens of large and reputable investors due to our shared values, priorities and views regarding our growth strategy, together with Claridge IL’s long-term investment approach.”
Oded Tal, Claridge IL’s Managing Partner commented, “AlgoSec has the exact characteristics that Claridge IL is targeting in its investments: established technological strength, industry leadership, impressive current and future growth prospects, and all while consistently maintaining profitability. We look forward to working with AlgoSec’s founders, Yuval Baron, CEO and Avishai Wool, CTO and the rest of the AlgoSec team, to further expand and grow AlgoSec globally.”
Rami Hadar, the former CEO of Allot Communications (Nasdaq: ALLT), who recently joined Claridge IL as a Managing Director, will join AlgoSec’s Board of Directors to contribute his extensive entrepreneurial, operational and managerial experience.