C-Note: A Thank You
by Rick Dakin, CEO, Coalfire
If we at Coalfire have ever forgotten to thank our friends, partners, and customers, please allow me to correct that oversight right now.
Many of you already know that on February 4, 2011, Coalfire acquired $5 million in new equity from world-class institutional investor Baird Venture Partners. As much as we would like to take credit for building a great delivery team, the real success can only be attributed to the privilege we have in working with great clients. The health of any company is founded on its ability to connect with customers to deliver real value. Value creation, however, is only possible when the provider and the client effectively work together. We are grateful for your help in creating and sustaining this incredible dynamic. The threats to sensitive data and critical systems have never been more ominous. Your commitment to justified security programs and transparency of program effectiveness is a bright spot in a somewhat depressing environment.
For an extended period of time, many in the banking, retail, government, and healthcare industries have been facing escalating cyber threats and unrelenting demands for regulatory compliance. Our new equity investment will enable us to more effectively meet your needs with better assessment and reporting tools, and it will allow us to expand our understanding of security and compliance requirements by serving a larger client base.
Moving forward, we will be augmenting our initial entry in the New York and Dallas markets with significant increases in the size of our offices and staff in those locations. We will also be adding more audit, assessment, and compliance management services, which may include broader penetration testing, onsite application testing, enhanced security planning, and new advisory services. Moreover, we will be extending our Navis compliance management platform to serve more of our current customers. This web-based platform will enable our clients to conduct internal tests, enter new evidence, and update compliance status for internal reporting. Ultimately, Navis will enable all our customers to retain evidence of controls on a secure portal and continuously measure compliance during time periods in which we do not provide onsite testing.
This is truly an exciting time, and I want to take a few moments to reflect what got us here. At Coalfire, we are confident that our successful acquisition of new growth capital is directly related to our great clients. We thank you for your commitment to us, and we look forward to taking each of you with us on this next leg of our journey. As we continue to invest in one another, we will all win.