NetContinuum has closed a $15 million round of venture capital financing led by Menlo Ventures

October 17, 2005

1 Min Read

SANTA CLARA, Calif. -- NetContinuum, the leader in Web Application Firewalls and Secure Application Gateways, today announced that is has closed a $15 million round of venture capital financing led by Menlo Ventures and joined by other existing investors including Palomar Ventures, Entrepia, and Invus. NetContinuum also announced the appointment of Varun Nagaraj as CEO. Nagaraj joins NetContinuum from Extreme Networks, where he served as vice president of product management and marketing.

The Web Application Firewall (WAF) market has experienced tremendous growth over the past year as supported by findings in a recent Frost and Sullivan report entitled, "2005 World Web Application Firewall Market" written by analyst Jose Lopez. Lopez reveals that an increased need to protect online business applications is set to fuel the growth of the untapped Web application firewall market. Frost and Sullivan also predict next year's WAF revenues to double and to continue this sharp trajectory growth pattern until 2011. NetContinuum is recognized by many industry analysts as a leader and innovator in the WAF market for setting the benchmark in security and performance. Gartner positioned NetContinuum in the Visionary Quadrant in its Magic Quadrant for Network Firewalls, 2H04. Today's announcements will help further NetContinuum's position and market share.

"Menlo Ventures is pleased to be leading this funding round. After a long gestation period, the application security category is poised to grow significantly over the next few years," said John Jarve, Managing Director for Menlo Ventures. "With a clear market need, the best technology, solid sales momentum, and a new CEO in place, NetContinuum has all the ingredients to further extend its current leading market position."

NetContinuum Inc.

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