Three leading Nordic venture capital companies have invested $5.3 million in the software company TFS Technology, a leader in Identity and Access Management for large companies with stringent security requirements.
Northzone Ventures, IT Provider, and Eqvitec have signed an agreement to invest $5.3 million in TFS Technology. The investment is one of the largest thus far in the Swedish IT industry in 2004.
“We look forward to developing TFS’ significant business potential in the international IT security market. TFS has delivered systems to several of the world’s largest banks and institutions in both the USA and Europe. TFS’ customers are very pleased with the user-friendly core product, BoKS(TM), which delivers Identity and Access Management solutions to primarily large company’s system environments. TFS is now well positioned for a global sales expansion,” comments Pär-Jörgen Pärson, Chairman of the Board and Partner in Northzone Ventures.
TFS’ business concept is to offer solutions that enhance, simplify, and protect companies and organizations’ existing infrastructure. TFS solutions for administration and security in a heterogeneous Unix and Linux environment have aroused a great deal of interest and are in operation today at several of the world’s largest companies.
Identity and access solutions (Identity and Access Management) are one of the fastest growing areas within the IT sector. IDC estimates the market for this sector will grow 15 percent every year, and that sales of products and services will pass the $5.1 billion mark in 2007.
“This investment means that we receive both the capital and entrepreneurial experience that will make it possible for us to expand our operations in a number of strategic markets. We also receive a strong financial footing, which is a requirement for working with the world’s largest companies,” said Krister Fransson, CEO for TFS Technology.
Bullhound Ltd acted as a financial advisor to TFS Technology during this investment phase.