Cranite Names CEO, Scores $10M

Cranite Systems names John Vigouroux CEO; secures $10 million in additional funding

August 23, 2004

2 Min Read

SAN JOSE, Calif. -- Cranite Systems, Inc., a leading provider of comprehensive security solutions for wireless local area networks (LANs), has named security industry veteran John Vigouroux as the company's chairman and CEO. Separately, Cranite announced that it has raised $10 million in a private financing from existing investors.

Vigouroux has over 20 years of experience in enterprise systems and security software, with significant expertise across sales, marketing, product development, and business strategy. Vigouroux most recently served as president and COO of Tumbleweed Communications, a secure Internet messaging leader. Vigouroux joined Tumbleweed from Valicert, where he engineered the merger of the two companies as Valicert's president and CEO. He has held executive positions in both large multi-national enterprises such as Cisco, Adobe Systems, and GE Information Services, as well as several Silicon Valley startups.

"The wireless security market is about to explode. Cranite's unique technology and enviable customer base put it in position for dramatic growth," said Martin Hellman, co-inventor of public key cryptography, Professor Emeritus at Stanford University and a member of the Cranite Advisory Board. "I'm thrilled to have John on board during this exciting period of growth."

The funding round was led by Diamondhead Ventures and includes JK&B Capital, BV Capital, Industry Ventures, Pacifica Fund and Selby Ventures. The company expects to use the $10 million to fund new products and expanding market initiatives.

"John Vigouroux brings proven leadership, fresh ideas and energy to Cranite's already strong management team, in addition to his track record in leading early-stage companies to profitability," said David Lane, general partner of Diamondhead Ventures, and member of the Cranite board of directors. "He has significant expertise in the security sector from his work with Tumbleweed's Internet security software. With John at the helm, Cranite will be able to maintain its focus on delivering the best wireless network security solutions."

"I couldn't be more pleased to be joining a company with such impressive potential," said Vigouroux. "Cranite has been adding new customers every quarter and is building a deeper pipeline of opportunities and potential revenues. I believe the company is ideally positioned to grow along with the projected rapid market adoption rate for wireless networks."

Cranite's outgoing CEO Greg McNulty will remain with the company as president. In this role, McNulty will continue to drive major opportunities and business development activities for the company. "Having someone of John Vigouroux's stature take the reins as our CEO is an endorsement of Cranite's unique edge in the critical security market sector," said McNulty. "Now is the right time for the company to be making this move. John has done this before, and with him at the helm, we are aligning the organization so he can do it again."

Cranite Systems Inc.

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