AppGate Secures $4 Million in Third Round Funding

February 27, 2002 -- (WEB HOST INDUSTRY REVIEW) -- AppGate (appgate.com), a provider of advanced VPN solutions that extend e-security into the trusted network, announced on Tuesday that it has secured $4 million as part of its series C financing.

According to AppGate, the third round of funding, led by investors ABN AMRO Capital and GE Equity, will be used in the continuing expansion of product development and sales and marketing efforts.

AppGate says that this new round of financing places the company as a leader in the U.S. VPN market, which IDC predicts will grow to $14.7 billion by 2006. According to AppGate, it is critically important for organizations across the globe to be equipped with virtual private network solutions to ensure the highest levels of protection.

As companies come to rely more on the Internet as the main vehicle for business communications and transactions, says AppGate, it becomes more important to ensure protection from security breaches, from both within the trusted network and without. AppGate says it allows organizations to protect all the information that makes up the enterprise by controlling access all the way from the firewall at the front gate to the application level within the trusted network.

"This investment on the part of ABN AMRO Capital and GE Equity will support AppGate's aggressive sales and marketing strategy to reach new markets and expand product offerings for the e-security industry," says Alfred Moresi, AppGate's chief executive officer.

The AppGate VPN, says the company, offers unique scalability and flexibility features that provide a quick ROI for users through savings in daily support costs and distribution within the organization.