RealTime IT News

Netegrity Receives $5 million Private Investment

Netegrity reports it closed the first round of a $5 million private placement with Pequot Private Equity Fund.

The Waltham, MA-based developer of Internet/intranet security management solutions states it invested $2.5 million of the fund today, and will make a second $2.5 million investment upon the next release of its SiteMinder security software product.

"Receiving investment from an industry leader like Pequot Private Equity further validates Netegrity's product and strategy," said Barry Bycoff, Netegrity CEO. "This funding provides us with the ability to expand our product development and global distribution efforts for SiteMinder and to capitalize on a rapidly emerging market opportunity."

Pequot Private Equity, the private equity arm of Dawson-Samberg Capital Management, purchased 1,666,667 shares of the Company's Series D Preferred Stock at a price of $1.50 per share.

In addition, Netegrity announced James McNiel, Chief Executive Officer of McNiel Group, Ltd., will join its Board of Directors.