Vordel secures a €4.5m VC injection

25 Mar 2003

Young web security software company Vordel Software has raised approximately €4.5m worth of venture capital (VC).

The investment is understood to have been backed by international investment house Dresdner Kleinwort Wasserstein, UK investment house Elderstreet, ICC Venture Capital, the Intel 64 Fund, the Powerscourt Capital Technology Fund, Connolly Corporate Finance and Enterprise Ireland.

Vordel’s technology provides the required link between web services technologies, existing security technologies, providing authentication, authorisation, accounting and content validation for XML-(extensible mark-up language) based communications. The company has headquarters in Dublin and offices in Boston and London.

The company’s vice-president of marketing Hugh Carroll explained: “Traditional firewalls don’t provide appropriate security for XML-based communications. With the new paradigm of solutions with web services we aim to leverage existing security and make it appropriate for today’s web service security requirements.”

Vordel recently became a global reseller with German IT giant Software AG. The company is understood to have undergone a major restructuring over recent months, cutting its staff levels back to 22 people.

In recent months the company joined forces with Hewlett-Packard (HP), Intel and Microsoft to create the Vordel Secure Partner Integration Solution, which is the first comprehensively secure web services solution available on the market.

By John Kennedy