Upfront

Nevis secures additional funding

Nevis Networks, an emerging provider of LAN security systems, has said that it has successfully completed a $12.5 million follow-on round of Series B financing. New investor New Enterprise Associates (NEA) joined existing investors in the significantly up-value round, which raises the total investment in Nevis to $32.5 million. The company will use these funds to bring its products to market and expand its sales and marketing workforce. Mark Perry, a General Partner at NEA, will serve as an advisor to the board.

“NEA has a strong track record of investing in networking and security companies with disruptive technologies and management teams that can execute on large market opportunities,” says Mark Perry, NEA General Partner responsible for the investment. “Nevis Networks fits this model well. Internal security is the next big challenge facing IT departments, and we believe that Nevis is positioned to address this problem with its technology and new management team.”

Nevis India has a development centre in Pune, and is planning to set up another in Bangalore.

S1 to make India a development hub

S1 Corporation will make India an important product development centre by moving about 20 new products to its Pune centre by the end of the financial year, informs Chairman and CEO James Mahan III.

“Having visited various centres around the globe, we rate the Pune centre the best in terms of the technical matrix. We are also upgrading our training for employees to bring them in line with expert development capabilities,” he says. The management is looking at India as an important hub and will increase the headcount from the 300 people of January to 400 by December. The plan is to make the centre self-sustaining by marketing indigenously-made products to the banking industry.