5/23/2003 - AEP Systems, the high-speed security solutions company, marks the close of two successful quarters by announcing an additional three million US dollars in funding from current investors. The company raised $17 million last year, bringing AEP Systems' total funding to just over $20 million.
AEP Systems experienced dramatic growth last September after acquiring Baltimore Technologies' security hardware division. The acquisition immediately expanded AEP Systems' offering to cover a complete spectrum of security hardware products and increased the company's market share to 15 percent. Today's funding, headed by existing investors b-business, ACT, Island and Mentor Capital, is a key element in AEP Systems' strategy to expand its latest product offering, AEP SureWare A-Gate, an SSL VPN remote access appliance launched in February of this year.
"The funding is an important component in our operational plan as we complete the transition to being a commercial entity. In the past eight months we have made an acquisition, strengthened our management team and stepped-up our sales and marketing efforts," said Pat Donnellan, AEP Systems' CEO. "Based on the positive feedback we are receiving from industry analysts and customers, we will step-up our product initiatives for SureWare A-Gate."
"AEP Systems has made significant progress positioning itself as a competitor in the global marketplace since receiving funding last year. With a full range of tried and tested products and an experienced management team, we are confident AEP Systems can compete in the growing and competitive securities market," said Dan Maher, Head of Technology Strategy at ACT, an AEP Systems investor.
After receiving funding in 2002, AEP Systems set-up regional offices in Boston, Palo Alto, Washington DC and Hong Kong; hired experienced sales staff in the US, UK, Europe and Asia; and launched a channel sales and partner program to expand product distribution. Channel partners who have signed on, including Bell Micro in the US and Entec in Europe, are experiencing increased traction in the market place across AEP Systems' product range. In addition to accelerating product initiatives for SureWare A-Gate, the funding will help to increase the sales and marketing focus in the US.
"As investors, we believe that the secure, remote access market is one of the most exciting growth sectors in communications technology. AEP Systems has unmatched credentials in SSL and has developed a secure, low cost SSL VPN solution that closely matches user requirements. We are leading this latest round of funding to allow the AEP Systems team to realize this potential," said John Collis, Managing Director of b-business partners.
AEP SureWare A-Gate was released in February 2003 followed by version 1.2, launched at the RSA and N+I conferences in April. AEP SureWare A-Gate provides secure, remote access to internal applications and resources, offering the best value-for-money appliance of its kind on the market. In the short time it's been on the market, SureWare A-Gate has already received validation from industry experts.
"The SSL VPN market is growing rapidly because the technology opens up a whole new market for corporate remote access," said Jeff Wilson, Executive Director at Infonetics Research. "With AEP SureWare A-Gate, AEP Systems is well positioned to go after small to medium sized businesses, and departments within large enterprises." Infonetics Research predicts that the SSL VPN market will surge to $801 million in 2005."
About AEP Systems
AEP Systems (www.aepsystems.com), the high-speed security company, delivers hardware security and acceleration solutions that are fast and cost-effective to deploy. Customers include financial institutions, government bodies, healthcare organizations, and OEMs. Founded in 1998, AEP Systems is privately held with its US headquarters in Boston, MA and offices in Palo Alto, Europe and Asia-Pacific.
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