SOMERSET, N.J. – May 19, 2003 – Netilla Networks, Inc., whose secure sockets layer (SSL)-based virtual private network (VPN)
appliances let remote users securely connect to their corporate networks
with just a Web browser, today announced that it has closed $6 million
in Series C financing. Netilla will allocate these new funds to product
development, channel support operations as well as sales and marketing
programs to grow its industry leadership position as global demand
accelerates for the company’s versatile remote access solutions.
(Editors: See separate announcement today on Release 4 of the Netilla
Security Platform).
Investors for this round include Ascend Venture Group; Mid-Atlantic
Venture Funds; Early Stage Enterprises, LP; NJTC Venture Fund; and
the Telecommunications Development Fund. All participated in Netilla’s
Series A and Series B financings. With this latest financing, Netilla
has raised a total of more than $17 million since the company was founded
in 1999.
“The fact that Netilla’s core investors are continuing
to support the company through this latest round is a strong validation
of the market impact Netilla has already made – and the even
larger opportunities ahead of us,” said Charles W. Crockett,
founding partner of Ascend Venture Group. “Netilla was one of
the first companies to prove how universally available Web browser
technology could be used to provide a remote access solution that’s
as easy to use as it is secure. Now, with its vision validated by the
widespread acceptance of SSL VPNs, Netilla is poised to achieve success
on an even greater scale.”
“This new funding will enable us to continue to set the industry
pace by delivering truly innovative and differentiated products, as
we’re illustrating today by launching Release 4 of our Netilla
Security Platform,” said Reggie Best, president and chief executive
of Netilla Networks. “Closing this round is an acknowledgement
of the progress we’ve made in winning customers, building a strong
global channel, and delivering the most versatile SSL VPN platform
available anywhere.”
Market research firm In-Stat/MDR recently identified Netilla as one
of the top SSL VPN vendors in terms of both unit shipments and revenues
during 2002 (“Tunneling Through the Flames: An Analysis of the
Firewall and VPN Market,” April 2003). “Our research demonstrated
that Netilla has emerged as one of the leading players in this rapidly
growing market space,” said analyst Jaclynn Bumback, author of
the report. “The real value for SSL VPNs is in offering remote
access to a large number of users – typically at less expense
and with greater manageability than IPSec-based VPNs entail.”
Since shipping its first product in July 2001, Netilla has generated
an impressive and diverse roster of nearly 300 customers, including
Saint Barnabas Health Care Center, the Canadian Institutes of Health
Research, The United Way of Delaware, Herr Foods Inc., Deborah Heart
and Lung Center, Reed Exhibitions, Philadelphia Stock Exchange, the
Dutch Government Ministry of Transportation, Virtua Health and Johnson
Matthey.
