SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Glenn Rossman, Cynthia Dunlop, Peter Silva

News Feed Item

Coalfire Closes $3.6 Million in Series B Funding Following Strong Performance in 2012

Coalfire, a leading independent IT governance, risk and compliance (IT GRC) firm, today announced it has closed a $3.6 million round of venture funding from Baird Capital.

“IT GRC has become a top priority for just about every enterprise, and savvy leaders want the peace of mind that comes from a fully independent auditor like Coalfire,” said Jim Pavlik, partner with Baird Capital’s Venture Group and member of Coalfire’s board of directors. “Coalfire is one of the high performing companies in our portfolio and this additional capital will help them grow even faster in 2013 and beyond.”

This is Baird Capital’s second round of venture funding for Coalfire, following a $5 million Series A investment in February 2011.

“We value the partnership with Baird Capital and have benefited greatly from their strategic and financial support over the last two years,” said Rick Dakin, CEO and co-founder of Coalfire. “We have a healthy and profitable core business, and this funding round will allow us to pursue new opportunities as well.”

The Series B investment follows a record sales year for Coalfire. In 2012, the company increased revenues by more than 35 percent, served more than 1,000 clients and significantly expanded its healthcare practice and sales of its new Navis® SaaS compliance offering. The company grew from 94 to nearly 130 employees in seven U.S. offices and completed its first acquisition -- Digital Resources Group, previously headquartered in Silicon Valley.

In addition, the company became an accredited FedRAMP assessor, enabling it to audit cloud service providers serving the federal government. Coalfire was among the first certified 3PAO firms, and is the only firm that carries PCI, HITRUST and FedRAMP credentials.

“We are very pleased with our 2012 performance,” said Larry Jones, Coalfire’s newly appointed executive chairman and long-time board member. “In addition to posting significant growth, Coalfire has become a trusted advisor and opinion leader on emerging topics like cloud, mobile and point-to-point encryption (P2PE).”

About Coalfire

Coalfire is a leading, independent information technology Governance, Risk and Compliance (IT GRC) firm that provides IT audit, risk assessment and compliance management solutions. Founded in 2001, Coalfire has offices in Dallas, Denver, Los Angeles, New York, San Francisco, Seattle and Washington D.C. and completes thousands of projects annually in retail, financial services, healthcare, government and utilities. Coalfire’s solutions are adapted to requirements under emerging data privacy legislation, the PCI DSS, GLBA, FFIEC, HIPAA/HITECH, HITRUST, NERC CIP, Sarbanes-Oxley, FISMA and FedRAMP. For more information, visit www.coalfire.com.

About Baird Capital

Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Baird Capital’s venture team invests in early and expansion stage technology-enabled services and healthcare companies. Having invested in more than 260 companies over its history, Baird Capital partners with entrepreneurs and leverages its executive networks to strive to build exceptional companies. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit http://www.bairdcapital.com/bairdcapital/venture-capital.aspx

*Coalfire® and Navis® are registered trademarks of Coalfire Systems, Inc.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Ope...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an In...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application wi...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources o...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will nee...
When you set off to build an app that will change the world, designing your system architecture to be reliable and scalable is important but the stark reality is that, for your MVP, you probably had a “need for speed” (of development). You didn’t know what all the axes were to scale your application, where your stress points would be, and what weird and wonderful ways your customers would use it d...
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do to...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, ...