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Enterprise Partners Venture Capital, Rho Ventures and Zions Bancorporation Endorse Identrus 
SAN FRANCISCO, CA July 26, 2005 Identrus™, a global provider of trusted identity solutions, today announced it has closed a $20 million Series B round of financing. Enterprise Partners Venture Capital and Rho Ventures led the round, with participation from existing investor, Zions Bancorporation. This significant round of funding will enable Identrus to accelerate its revenue growth and exploit its unique position as the industry's only interoperable and regulated provider of identity management solutions, a market forecasted by IDC to reach $5 billion by 2007.(1) Companies are facing increased regulatory and legal pressure to truly identify their counterparties and protect confidential customer information. Identrus is the only regulated organization providing solutions to help financial institutions, governments and commercial entities manage these risks. Identrus leverages its extensive bank network, including many of the world's largest banks, to provide identity credentials to consumers and businesses based upon a common policy and operational framework. The Identrus solution is a key enabler of secure and compliant global e-commerce by providing strong authentication and a security-rich environment where identity management is critical. Identrus will use the Series B funds to expand sales and distribution channels domestically and internationally, as well as to further its reach in key vertical markets, including financial services, pharmaceutical, government and transportation/logistics. In addition, Identrus will invest in business development activities to develop strategic relationships similar to those recently announced with IBM, Adobe and RosettaNet. "Identrus has a very compelling vision. They are providing solutions to a very real set of challenges that are taking center stage in today's heightened regulatory environment," said Sally Hudson, Research Manager, Identity and Access Management at IDC. "Identrus has been extremely methodical and focused in developing their current suite of products, and have garnered significant interest from the banking community in a short period of time. We believe they are well positioned to have a strong impact on the market." "Today's significant investment represents an important validation that identity authentication is a real issue for the banking community and financial services industry at large," said Karen Wendel, CEO, Identrus. "This additional funding will enable us to expand our solutions, deepen our client relationships and continue to build a world-class network." Investor Commentary "Identrus addresses the large and growing global need for identity authentication", said Carl Eibl, Managing Director of Enterprise Partners Venture Capital. "Identrus provides financial institutions with a unique and comprehensive identity management solution that helps limit risk of identity theft via a platform that can be deployed without additional policies and procedures. We believe that Identrus has the potential to significantly expedite the flow of secure transactions worldwide." "Electronic transactions are critical to achieving success and presence in global markets," said Ben Terk, Partner, Rho Ventures. "Organizations around the world now require a common and secure identity standard, such as the one created for Identrus member banks. Our investment in Identrus reflects the company's unique market position to provide such a global standard and to ensure the integrity of global electronic transactions." "The worldwide banking community will see even greater security needs in coming years -- and we believe the banking channel is the optimal way to deliver non-repudiable identities," said Doyle Arnold, Vice Chairman and CFO of Zions Bancorporation. "We are delighted to provide continued support to Identrus with this additional capital commitment, as Zions realizes the value in protecting customer information from identity theft and fraud." About Enterprise Partners Venture Capital Enterprise Partners Venture Capital was founded in 1985 and is the largest venture firm headquartered in Southern California, with over $1.1 billion in capital under management. The firm is investing its sixth fund and focuses on software and services, communication technologies, digital media, semiconductors and the life sciences. www.epvc.com About Rho Ventures Rho has been backing venture-stage companies in the U.S. since its inception in 1981. Venture capital funds under management currently exceed $1 billion. Rho Ventures has invested in over 150 venture stage companies and helped build market leaders across many high growth industries. Previous investments include Ciena Corporation, Commerce One, Compaq Computer Corporation, Diversa Corporation, Human Genome Sciences, Inc., iVillage, Leukosite (currently part of Millenium Pharmaceuticals), MedImmune, Inc., NitroMed, Senomyx, Tercica, Tripod (currently part of Lycos) and Vicuron. www.rho.com About Zions Bancorporation Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets. Under local management teams and community identities, Zions operates nearly 400 full-service banking offices and over 500 ATMs in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Texas, Utah and Washington. www.zionsbancorporation.com About Identrus, Inc. Identrus™ is a global solutions company that secures interactions where identity is critical. As the only government regulated, bank-built identity company, Identrus provides a worldwide network for trusted identity credentials based on global standards. The Identrus platform provides the legal and technical infrastructure for financial institutions, governments and commercial entities to effectively manage the risks associated with identity management. Identrus partners with systems integrators, software developers, smart card and token providers, as well as experts on identity management, security and fraud to help organizations achieve greater application security and meet their e-business objectives. Identrus membership consists of the world's leading financial institutions spanning 160 countries. www.identrus.com. (1) Source: IDC's Worldwide Identity and Access Compliance 2005-2009 |
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Copyright ©2007 Rho Capital Partners, Inc.