Sweden-based Clavister has secured growth capital from a group of European firms.
The Industrial Development Fund and SEB Venture Capital are teaming up to lead an investment round in IT security company Clavister.
The two firms are committing £3.7 million to Sweden-based Clavister to support its international expansion.
Focusing on the telecommunications, cloud and enterprise markets, Clavister supplies security which monitors traffic to and from networks and protects against intrusion, viruses and trojans.
Hadar Cars, investment director at the Industrial Development Fund, says that Clavister’s market is driven by the mobile data ‘explosion’, a move to cloud services and the demands for safety on the internet.
‘All this is driving demand for security solutions,’ he adds.
The company was founded in 1997 and currently has 120 employees with offices in Europe and Asia.
The deal represents the seventh of the investment year (1 July 2011 to 30 June 2012) for the Industrial Development Fund.
Peter Johansson, CEO of Clavister, comments, ‘[SEB Venture Capital’s] financial strength, experience and good name reinforces our credibility further and allows us to accelerate the pace of our expansion.’
SEB Venture Capital has its UK operations located in London.