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Security - Wednesday, August 15, 2007

Nitrosecurity Files IPO

nitro security.png
Portsmouth, NH-based NitroSecurity has filed for an IPO. It plans to trade on the Nasdaq, with Paulson Investment as lead underwriter. NitroSecurity has raised over $13M in VC funding from Brookline Venture Partners and First Analysis Corp.

Nitro sells enterprise network intrusion prevention software to the mid-market. Last year, Nitro reported a $10.4M in a net loss on $2.3M in revenue. In 2005, NitroSecurity posted a net loss of $12M. The company's investors include Chicago-based First Analysis and Brookline Venture Partners' Ken Levine, formerly of Cabletron Systems. Nitro was founded in 1994 and has a headcount of 51.

NitroSecurity was founded by three top engineers from the U.S. Department of Energy's Idaho National Laboratory where they created Sage and Ada-Sage, the core aggregation and correlation engine used in applications through the US Department of Defense to protect its IT infrastructure.

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