St. Bernard Software Acquires Investment Capital of $3 million
August 6, 2010
St. Bernard Software, Inc. of San Diego, CA recently received a capital infusion from private investors of $3 million, with an additional commitment of $175,000. St. Bernard is predicting a possible total of $3.5 million in investment capital.
The investment dollars are designed to improve St. Bernard Software’s position in the web security software market through increased hybrid platform development and the introduction of new products to its customers worldwide.
The investment agreement outlines that the facility is comprised of four-year convertible notes accruing interest at 3%. The notes convert into common stock based on a conversion price of $1.10 per share.
St. Bernard President/CEO Lou Ryan reflected his excitement concerning the recent investments. ”St. Bernard has been at the forefront of technological innovation in hybrid security, delivering unmatched value, simplicity and performance across our global installation base. This strong show of support from [our] investors will create additional opportunities for growth that will enable us to further accelerate the execution of our strategic vision.”
Additionally, St. Bernard Software (www.stbernard.com) recently appointed Bill Baumel, a chief investor in the technology industry, to their Board of Directors. “I’ve been impressed with the company’s strategy, the differentiation of its technology platform, and the execution of their business plan,” stated Baumel.
St. Bernard Software develops and markets Internet security appliances and services designed to efficiently manage a company’s Internet-based resources. Founded in 1995, St. Bernard entered the data security market with its flagship product, Open File Manager. The company’s current software product is its web filtering and security appliance, iPrism.
St. Bernard’s products are used by more than 5,000 businesses, educational institutions and government agencies worldwide. St. Bernard markets its software products through a network of value-added resellers, distributors, system integrators, and OEM partners, as well as directly to the consumer.