Intel Capital is investing $20 million in Utah’s Solera Networks, a rapidly growing company that provides security products for computer networks and is planning to double its workforce.
This marks the fourth round of funding for South Jordan-based Solera, whose devices and software allow companies and government agencies to monitor traffic in and out of their networks in order to combat security threats.
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"We had in 2011 another 100 percent-plus revenue growth year, and we see a tremendous demand in the marketplace," CEO Steve Shillingford said Monday." We felt now was time to raise a big round to support a much more aggressive expansion, both domestically and internationally."
Solera plans to double its worldwide workforce to about 120, including engineers, whose positions are traditionally high paying for this area, he said.
"I think the other story for the company here is once again the ecosystem here in the Salt Lake Valley is producing more and more technology success."
Intel Capital is the investment arm of the giant chipmaker Intel Corp.
"We see companies continuing to realize that real-time, intelligent incident response is an essential component of their security strategy," Sean Cunningham, Intel Capital investment director, said in a news release. "Solera Networks delivers a scalable, high-performance solution that addresses these challenges and is the only independent platform capable of broad integration."
Overall, Solera has raised about $50 million since 2006. In its third round of funding, the company received an infusion of $15 million from Trident Capital, with participation from existing investors Allegis Capital and Canopy Ventures.
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