Sunnyvale, CA – July 16, 2010– PacketMotion, the pioneer of User Activity Management (UAM), announced today that that it has secured $3.5 Million in debt financing from MMV Financial (“MMV”). The additional capital will help the company move forward with continued technology innovations and increase its customer base in an ever growing market.
“We believe that PacketMotion has a unique solution to help close an internal security gap in today’s corporate networks by giving enterprises complete visibility and control over user activities”, said Ron Patterson, Executive Vice President, MMV Financial. “We are excited to be a partner of an innovative company and support its continued growth.”
“We are delighted to have the support and financial backing of MMV Financial,” said Paul Smith, President & CEO of PacketMotion. “PacketMotion’s offerings play a significant role in addressing both internal security and regulatory mandates of businesses at a very cost effective way. We are pleased that MMV not only supports our value proposition but also understands the benefits of our technological advances. We appreciate MMV’s flexibility in structuring a deal that suited our needs and the ability to close quickly.”
About PacketMotion, Inc.:
PacketMotion’s User Activity Management (UAM) solutions enable organizations of all sizes to simplify and lower the cost of meeting their compliance/audit requirements (PCI DSS, SOX, HIPAA, etc.) while delivering security functionality such as the ability to immediately stop user behavior that violates internal policies. A Gartner “Cool Vendor” company, PacketMotion combines patent-pending software with massive computing power to monitor individual user activity at the application level. The PacketSentry™ appliance operates out of band with no impact on network performance, and it installs in less than one day, typically reducing compliance-related capital and operating costs by as much as 80% compared to a suite of silo’ed tools. For more information please visit www.packetmotion.com
About MMV Financial:
MMV Financial
is a specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, ROI Capital, and Wells Fargo Company. For more information please visit www.mmvf.com
Contact Information:
For PacketMotion
Paul Smith
President and CEO
408.449.4300
For MMV Financial
Ron Patterson
Executive Vice President
416.977.9718