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MX LOGIC closes $5.5 Million equity financing round
-- Round Includes Financing From Adams Street Partners, Grayhawk Venture Partners and Vista Ventures --
DENVER—Oct. 14, 2003—MX Logic, Inc., a provider of advanced email protection and security solutions including spam and virus filtering, today announced it has closed a $5.5 million equity financing round led by Adams Street Partners and including Grayhawk Venture Partners and Vista Ventures.
“We seek companies that have an exceptional ability to address a real and urgent customer pain,” said Jeffrey Diehl, partner, Adams Street Partners. “With MX Logic, we are enormously impressed with the management team’s extensive messaging experience and deep understanding of the requirements needed to provide a highly effective email security solution to the market. We are confident MX Logic will become a prominent email protection and security provider because of the company’s early customer traction, vast market opportunity and solid product strategy.”
MX Logic will use the capital to meet the growing global demand for its services by developing new solutions within its Email Defense solutions family of offerings, supporting its fast-growing customer base and expanding its sales and marketing functions. Founded by technologists who have built and managed some of the world’s largest messaging networks, MX Logic provides reliable email protection to more than 500 enterprises and service providers. Over the past five months, the company’s customer base has grown more than 150 percent.
“MX Logic is dedicated to providing an highly accurate, reliable and cost-effective email defense solution to the market,” said John Street, CEO, MX Logic. “As the battle against spam and email threats escalates, it is imperative that every organization employ the most robust and secure protection. Our venture financing will help us continue to exceed customer expectations, expand our product offerings and accelerate our reach in the email protection and security market.”
According to Ferris Research, 50 percent of Internet email is spam, viruses and other unwanted content. Spam traffic continues to grow at a compound rate of 63 percent per year and Ferris Research predicts that unwanted mail will cost US organizations $10 billion in 2003. Anti-spam solutions will help fuel the overall secure content management software market, which is predicted to reach $6.4 billion by 2007.
"In a world increasingly dependent on computer and Internet-based technologies, the exponential growth of unsolicited mail is a major concern for CIOs. Secure and robust network protection is critical for business continuity and cost containment," said Richard Bliss of Ferris Research. "The seasoned MX Logic team is providing an effective solution that addresses this market need."
MX Logic’s Email Defense solutions safeguard enterprises, service providers and government organizations from spam, viruses, worms, malicious content and other email threats. Built from the ground up to provide reliable email security and defense, MX Logic’s solutions filter up to 98.5 percent of spam and maintain an industry-leading low false positive rate (legitimate email marked as spam). In addition, these solutions liberate IT resources and fuel employee productivity, while decreasing network and storage costs and reducing corporate liability and threats to the enterprise.
Providing around-the-clock protection, MX Logic automatically intercepts, analyzes and blocks malicious and unsolicited messages before they can enter or leave the internal corporate network. MX Logic’s Stacked Classification FrameworkSM, its patent-pending, multi-layered spam detection system, leverages the strengths of five spam-fighting filters, which each dynamically calculate every message’s spam probability. Through an aggregation and analysis of the spam-likelihood scores, MX Logic provides highly effective spam detection.
The flexible and easy-to-use MX Control Console, a centralized policy and reporting platform, enables customers to implement and enforce corporate email policy, and view organization-wide email traffic. As part of this process, customers determine whether the quarantine process for spam and unwanted email will be managed by their IT department, their end users, or both—optimizing personnel resources and reducing costs.
About Adams Street Partners Adams Street Partners, LLC is a leading private equity investment firm, providing both partnership and direct investment services to institutional clients. Adams Street Partners is one of the largest managers of private equity partnership investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in private equity partnerships since 1979 and managing direct investments in private equity since 1972. Adams Street Partners has offices in Chicago and in London.
About MX Logic
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