Press Release
CoreStreet Closes $8.5 Million Investment Round
Updata and POD Holding Co-Lead in B Round; Updata Managing Partner John Burton Joins Board
CAMBRIDGE, MA (February 23, 2004)
CoreStreet, the leading provider of validation solutions for identity management and access control, today announced the closing of $8.5 million in new funding co-led by Updata Partners and A round investor POD Holding. A number of individual investors also participated in this round. This recent investment brings total funds raised to $14 Million. The additional funds will be used for new product and international business development activities.
“We are pleased to have Updata Partners join our existing investors in our Series B funding round,” said Peter Hussey, CEO of CoreStreet. “Updata’s extensive software and information systems industry expertise, coupled with their global leadership experience, will be valuable assets to CoreStreet as we grow our company. Our investors understand the potential of CoreStreet and its ability to deliver the only scalable validation solution for use in identity management and access control applications in both connected and intermittently connected environments.”
CoreStreet enables organizations to view security in a more active manner, making transactions faster and more effective. With CoreStreet’s Real Time Credentials™ technology, organizations can grant or revoke access to buildings, computer networks, applications or devices – anywhere in the world - without having to set up an expensive secure infrastructure. CoreStreet’s technology seamlessly scales to billions of users and can be implemented in connected, disconnected or partially connected environments.
“Updata has significant experience in the security market sector and, as such, we're particularly enthused with CoreStreet's advanced technological confluence of the physical and digital security components, in addition to its expanding customer base,” says John Burton, managing partner, Updata Partners.
John Burton will also join the CoreStreet board. Prior to Updata, Mr. Burton held senior operating roles in the technology industry as president, COO and CEO of Legent Corporation and co-founder, COO and director of Business Software Technology, Inc. Mr. Burton has served as chairman of Banyan Systems, Inc. and sits on the boards of several public and private technology firms. Tim Meyers, also a managing partner of Updata Partners, will work closely with CoreStreet’s Board and management team in an advisory capacity.
“We are very excited that CoreStreet has completed a successful B Round financing, and we feel good about the company’s progress since our original A round investment,” says Johan Pontin, a founding partner of POD Holding. “Updata brings strong security sector expertise to CoreStreet and we are happy Updata is joining us as an investment partner.”
This funding announcement comes on the heels of strong momentum for the company. CoreStreet recently announced that it is the first and only distributed OCSP responder to complete U.S. Department of Defense (DOD) Public Key Infrastructure (PKI) testing by the The Joint Interoperability Test Command (JITC). CoreStreet was also the recipient of Frost & Sullivan’s 2003 Technology Innovation Award for groundbreaking security technology and was nominated for 2004 “Readers Trust” award by the editors of SC Magazine.
About Updata Partners
Updata Partners is the venture capital and private equity affiliate of Updata Capital, Inc., a leading investment bank specializing in mergers and acquisitions for the IT industry. With offices in Reston, Virginia and Red Bank, New Jersey, the professionals at Updata Partners have a highly successful history in industry operational roles and as investors in early stage technology companies. For additional information visit www.updatapartners.com.
About POD Holding
Pod Holding is a private equity firm located in Boston, Massachusetts
and Stockholm, Sweden. Pod Holding invests in proven entrepreneurs in
the United States and Nordic countries with enabling technologies and
transformational business models. Key areas of investment include information
communication, security and public safety companies. Pod has deep expertise
in these markets, and deep roots in the United States and Sweden---a country
home to some of the most sophisticated technology companies in the world.
For additional information visit: www.podholding.com.
About CoreStreet
CoreStreet is the only provider of massively scalable validation products for identity management and access control. With CoreStreet’s Real Time Credentials™, organizations can control physical and logical access to buildings, computer networks, applications and devices.
Real Time Credentials solutions can be deployed anywhere in the world - in connected and disconnected environments - without having to set up costly and vulnerable infrastructure. CoreStreet’s products are designed to secure large, mission-critical applications for military, civilian government, financial services and healthcare customers. The company, headquartered in Cambridge, Mass., holds 14 patents with more pending. For more information, visit www.corestreet.com.
CoreStreet and Real Time Credentials are trademarks of CoreStreet Ltd.
