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Major Partnerships, New Funding, Broad New Customer Adoption
Highlight First Half of 2007
Palo Alto, CA/11 July, 2007 – PGP Corporation, a global leader in enterprise data protection, today announced record financial performance and impressive company momentum for the first half of calendar year 2007. The increased adoption of the PGP® Encryption Platform and platform-enabled applications continues to drive the company’s success around the world.
PGP Corporation: First Half Update
The company recently celebrated raising $27.3 million in Series C funding. Intel Capital, the venture capital arm of Intel Corporation, and the D. E. Shaw group, a global investment and technology development firm, joined existing investors DCM (formerly known as DCM-Doll Capital Management) and Venrock, providing funds to enable PGP Corporation to accelerate organic and inorganic technology development and further fund its channel expansion. The funding also will enable the company to extend key management functionality in the PGP Encryption Platform to transparently manage third-party devices and software from PGP Corporation, ISVs, and customers’ in-house applications.
Expanding customer base. Customer adoption of PGP® solutions continues to grow. PGP Corporation closed its second quarter, ending June 30, 2007, with the largest deal in the company’s history, securing a several million dollar transaction from an existing customer, a Fortune® 500 company. Another Fortune 500 company extended its use of PGP technology by signing a six-figure perpetual license to deploy the PGP Encryption Platform and PGP® Desktop for automatic email and file encryption for desktops and laptops. This customer’s vision is to deploy PGP solutions to encrypt all data and email for the company’s 100,000 employees worldwide.
PGP Corporation also secured a new customer in Europe, Bertelsmann AG, the world’s most international media company, which sought a single vendor to cover its diverse encryption needs. Bertelsmann is actively deploying a comprehensive PGP solution, which includes PGP® NetShare for network file and folder encryption for collaborative teams, PGP® Whole Disk Encryption for encryption of all files on desktops, laptops, and removable media, and PGP® Support Package for BlackBerry®, which extends PGP email security to BlackBerry devices.
“2007 has been a great year for PGP Corporation, and the best part is, we’re only halfway home. We continue to deliver fantastic results across all geographies, and I’m proud of our consistent execution. Our investments in the business are paying off,” said Phillip Dunkelberger, president and CEO of PGP Corporation. “The robust customer traction we continue to experience has made us a leader in defending data for global brands. PGP Corporation is the recognized leader in email encryption, and with our broad array of applications and best-in-class key management capabilities, we look to expand our leadership.”
Major technology partnerships. The company solidified major partnerships with technology giants Intel Corporation and NEC Corporation to increase the reach of PGP encryption technology around the world. The wide-ranging agreement with Intel Corporation calls for PGP Corporation to deliver a variety of data security solutions to be marketed and fulfilled through Intel’s channel and direct customers, which include global resellers, systems integrators, and distributors. These new solutions—from centrally managed full disk encryption to encrypted local and portable storage—will operate on the new Intel® Centrino® and Intel® vPro™ processor technology–based systems. The NEC relationship will include PGP Universal™ as part of NEC’s "Secure Email Solution," a comprehensive package that enables customers to achieve compliance with the upcoming Japanese version of the Sarbanes-Oxley framework (J-SOX) for corporate governance.
New partner program. Early this year, after much due diligence with its partners, the company rolled out its new PGP® Global Partner Program, a single, comprehensive global program to enable channel resellers and systems integrators to be more successful in servicing customers wanting PGP solutions. A key goal of the program is deliver the requisite training to make partners self-sufficient, as demonstrated by two six-figure deals in the second quarter conducted exclusively by PGP channel partners. PGP Corporation works with more than 250 channel partners that sell in 179 countries.
Award-winning platform. The PGP Encryption Platform provides a strategic enterprise encryption framework for shared user management, policy, and provisioning automated across multiple, integrated encryption applications. Recently, the PGP Encryption Platform was named "Encryption Product of the Year" by Techworld, a leading U.K. website, and won Global Excellence Awards for best Enterprise Encryption Platform and best Full Disk Encryption from Info Security Products Guide, the world’s leading publication on security-related products and technologies.
Organizational update. In April, PGP Corporation was named a “Hot Company” by Info Security Products Guide based on the "4Ps" in the selection criteria—namely Products, People, Performance, and Potential—categories that have been essential to the company's growing success. The company named Max Hopper as its new chairman of the board. Hopper has extensive senior management experience, including a 20-year tenure with AMR Corporation (American Airlines), where as Senior Vice President, CIO, and CEO & Chairman of AMR’s SABRE Group, he helped pioneer the delivery of electronic commerce and information services to the travel industry. He also served as Executive Vice President and CIO at Bank of America, and has held executive positions at EDS, Shell Oil, and United Airlines. André Turenne, a senior vice president of D. E. Shaw & Co., L.P., became a member of the company’s board of directors. PGP Corporation currently has more than 275 employees worldwide across its five centers of excellence, including Palo Alto, California; Utah; London; Frankfurt; and Tokyo, Japan.
Dunkelberger concluded, “For 4-1/2 years, we’ve built a foundation for long-term success, and our hard work is paying off. Our additional funding and increased revenues will enable us to extend our product portfolio and increase our deployment capabilities. The relationships we’ve cultivated and look to grow increase our presence in the enterprise at the highest levels, and the feedback we receive from our customers remains positive and forward-looking. PGP Corporation continues to strengthen its leadership in the enterprise data protection landscape.”
About PGP Corporation
PGP Corporation is a global leader in email and data encryption software for enterprise data protection. Based on a unified key management and policy infrastructure, the PGP® Encryption Platform offers the broadest set of integrated applications for enterprise data security. PGP® platform-enabled applications allow organisations to meet current needs and expand as security requirements evolve for email, laptops, desktops, instant messaging, PDAs, network storage, FTP and bulk data transfers, and backups.
PGP® solutions are used by more than 80,000 enterprises, businesses, and governments worldwide, including 95 percent of the Fortune 100, 75 percent of the Fortune Global 100, 87 percent of the German DAX Index, and 51 percent of the U.K. FTSE 100 Index. As a result, PGP Corporation has earned a global reputation for innovative, standards-based, and trusted solutions. PGP solutions help protect confidential information, secure customer data, achieve regulatory and audit compliance, and safeguard companies’ brands and reputations. Contact PGP Corporation at www.pgp.com or +1 650 319 9000.
Media & analyst contact for PGP Corporation:
Albert Fong
Merritt Group
+1 415 247 1667
fong@merrittgrp.com
Legal Notice Regarding Forward-Looking Statements
Some of the statements in this press release are forward-looking, including statements regarding the availability, plans, delivery, goals, development, expected features, expected benefits and competitive position of PGP products implementing or leveraging the PGP technologies. All references made to product feature enhancements, improvements in Platform support or additional functionality are subject to change at PGP Corporation’s sole discretion. All future descriptions of PGP technology and products are subject to availability only if PGP Corporation decides to build them and when PGP Corporation decides to make them commercially available. Actual results could differ materially from those expressed in any forward-looking statements. Risks and uncertainties that PGP Corporation faces that could cause results to differ materially include risks associated with any unforeseen technical difficulties or software errors related to the final development and launch of any of PGP Corporation’s products; any technological, regulatory, or standards changes in the security, encryption and authentications market which could make PGP Corporation’s products less competitive or require feature changes in these products; any slowdown in the adoption by businesses of encryption suites, secure email, Internet technologies or related standard. The forward-looking statements contained in this release are made as of the date hereof, and PGP Corporation does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements.
PGP and the PGP logo are registered trademarks of PGP Corporation. RIM, Research In Motion, and BlackBerry are the registered trademarks of Research In Motion. Product and brand names used in the document may be trademarks or registered trademarks of their respective owners. Any such trademarks or registered trademarks are the sole property of their respective owners.
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