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Venture funding to expand market reach of WorkLight

WorkLight : 01 May, 2008  (Company News)
Web 2.0 workplace security to take a leap forward with funding round secured by Worklight.
WorkLight has closed a series B round of funding totaling $12 million led by Pitango Venture Capital, Israel's largest VC. The company's second round of financing also represents a renewed commitment from Genesis Partners, Index Ventures and Shlomo Kramer, a world renowned security expert and Imperva CEO.

Proceeds from WorkLight's series B round funding will be used to further expand its presence in North America, Europe and Asia, substantiating the company's vision for the consumer workplace. As the world of the consumer blurs with that of workplace, corporations worldwide increasingly rely on popular internet tools, such as personalised homepages (iGoogle, Netvibes, etc), social networks (like Facebook), desktop widgets and gadgets, social bookmarking, RSS and other Web 2.0 platforms and services, to get things done at work. Since its inception in 2006, WorkLight has pioneered the secure use of consumer technologies as business tools, enhancing employee productivity and fostering collaboration inside and outside the organisation.

"The Enterprise 2.0 space is one of the hottest technology markets on the current investment landscape, so it was only natural that we connected with the pioneer in the industry," said Rona Segev, General Partner at Pitango Venture Capital, who joins the company's Board. "WorkLight's founders, Shahar Kaminitz and Yuval Tarsi, are leading a superior team of professionals; this is one of the best teams currently operating in the enterprise software industry in Israel. We couldn't ask for a better opportunity to invest in this burgeoning market."

WorkLight was founded in 2006 by CEO Shahar Kaminitz and CTO Yuval Tarsi with an initial round of funding from Genesis Partners, Index Ventures and Shlomo Kramer totaling $5.1 million. The company's flagship solution is a server-based software product that allows companies to leverage consumer tools such as RSS, iGoogle and Facebook behind the corporate firewall, working with internal IT controls for completely secure use by enterprise employees. Most recently the company announced Workbook, a secure Facebook overlay that enables collaboration, access to enterprise applications and knowledge sharing using the popular social networking application.

"For the new generation of employees entering the corporate world, life without consumer internet tools is simply inconceivable. For this reason, it's absolutely essential that organizations offer employees the same tools that they are already using in their personal lives, without compromising business-critical security," said Shahar Kaminitz, CEO and founder, WorkLight. "This latest funding round will allow us to expand our offerings for enterprises worldwide, and in North America and Europe in particular."

"The transformation of workplace IT is making a real impact on business," said Eddy Shalev, Founder and Managing Partner, Genesis Partners and WorkLight Board Member. "It is enormously gratifying to know that our initial investment in a formative leader in this space has created a dominant industry player. We look forward to seeing the company continue to grow in both size and status as an industry visionary, making the world of consumer Web 2.0 technology safely available to businesses across the globe."

Shlomo Kramer, world-renowned security expert and Imperva CEO: "With the advent of new Internet tools, companies must be prepared to address emergent security challenges. WorkLight has made security one of the building blocks of its technology, addressing Web 2.0 vulnerabilities from the get-go to become an industry leader in this space. I trust that the confidence the company has shown to date will continue to bear fruit in the future."

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