Burlington, MA, March 1, 2004 -
Quarry Technologies®, the performance-leading supplier of carrier-class security service routers, today announced that the company raised $18 million of venture funding in a D Series that includes both existing and new investors. Quarry's new investor, New York-based Westbury Partners, joined with existing Quarry investors 3i US, Jerusalem Venture Partners (JVP), ARCH Venture Partners, Sofinnova Ventures, and Walden International in the $18 million round which will be used to continue the commercialization of Quarry's security service router product line and support ongoing product advances.
The funding caps off a successful year for Quarry during which it secured several service provider and carrier customers who are using Quarry's iQ Security Service Routers to offer billable network-based security services over their IP/MPLS networks to enterprise and consumer customers. New investors were attracted to the company's customer momentum and the marketplace potential being driven by the need to solve growing Internet security woes.
"We are impressed by Quarry's security system in a marketplace that has both a tremendous corporate need for better protection and a need for service providers to find new revenue sources. Quarry is well positioned with the right products and the right management team," commented James Schubauer, president, Westbury Partners. As a result of the investment, Mr. Schubauer has joined Quarry's Board of Directors.
The price and performance leadership of Quarry's iQ Security Service Routers enable service providers to offer network-based service such as secure VPNs, firewalls, intrusion detection, denial of service attack prevention, and virus scanning profitably. Service providers recognize that they can now offer billable services around a real and growing demand for corporate network security. The Quarry security service routers are tightly integrated with the iQSMS® service creation and management system so that service providers can package these security services to enhance managed service bundles.
"Quarry is in a strong position to lead a rapidly growing network-based security sector," said Nelson Stacks, Director, with 3i US Group. "We continue to see Quarry as a sound, fast growing business and a solid investment."
"We continue to believe in the opportunity for Quarry as globally carriers and service providers are recognizing the need to offer network-based security services. The immediate value of Quarry's leading network security solutions is already being proven in its growing customer base," said Zeljka Matutinovic, general partner at JVP.
Dacom, one of Korea's largest service providers has deployed the Quarry iQ-series Security Service Routers throughout the country. Korea, being at the forefront of large scale DSL deployments, has felt the dire affects of wide scale security attacks. Dacom saw Quarry's iQ system as an opportunity to meet the security needs of its VPN customers and at the same time differentiate their MPLS VPN product offerings and add new IP service revenue. Other customers such as InTouch in the Netherlands and StraitShot Communications in the United States have benefited greatly from Quarry's superior network security products.
"This latest round of funding will help Quarry maintain and build upon the momentum of this past year," said Quarry President & CEO Ian Mashiter. "Service providers have build out large scale IP networks based on MPLS and they are seeing increased momentum in IP services including VPNs and VoIP. The Quarry iQ system is in demand as a platform to add additional IP service revenue by meeting enterprise customers' requirement for network-based security services."
About the iQ Product Family
The Quarry iQ-series Security Service Routers allow service providers to offer network-based security services to IP, MPLS and Frame Relay VPNs, extending the enterprise security perimeter to the edge of the service provider's network. The iQ products are the industry's most scalable and manageable carrier-class network security platforms. They are full-featured Internet routing platforms optimized for delivering high-performance security services, including IPsec encrypted VPNs, stateful firewalls and intrusion detection systems.
The iQSMS Service Management Suite is a set of applications that provides an intuitive way to quickly create, validate and monitor the many advanced security services enabled by the iQ-series Security Service Routers. Together, the iQSMS software suite and iQ-series Security Service Routers allow network operators to readily offer a comprehensive menu of billable security services, each tailored on a customer-by-customer basis. In addition, the client-server based suite of applications provides all the necessary tools to define user privileges, configure network parameters, customize subscriber services, and enable customer self-management.
About Quarry Technologies
Quarry Technologies, Inc. is a privately held developer of carrier-class security service routers. The Quarry product family is comprised of the iQ4000® and the iQ8000® Security Service Routers and the iQSMS Service Management Suite. The iQ product family allows network service providers to offer a broad range of security services for their corporate customers of IP, MPLS and frame relay VPNs, including secure remote access, high-speed encryption, stateful firewall inspection, intrusion detection, denial of service (DoS) attack prevention, virus and content filtering and SLA monitoring.
Quarry Technologies was founded in November 1998 and is backed by some of the world's leading venture capitalists and strategic investors, including 3i Group, Jerusalem Venture Partners (JVP), Walden International Investment Group, Sofinnova Ventures, ARCH Venture Partners and Dow Chemical Company. The company is privately held and located at 8 New England Executive Park, Burlington, MA 01803 USA and on the World Wide Web at www.quarrytech.com.
iQ4000, iQ8000, iQSMS and Quarry are registered trademarks of Quarry Technologies, Inc.
