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News & Press: Colorado Technology Industry

Coalfire Receives $5 In Funding

Wednesday, February 9, 2011   (0 Comments)
Posted by: Su Hawk
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Coalfire receives $5 million in VC
By Beth Potter, Boulder County Business Report
February 9, 2011 --

LOUISVILLE — Coalfire Systems Inc. plans to double its work force in the next year or so, after getting $5 million in venture capital from Baird Venture Partners, a company spokeswoman said Wednesday.
The Louisville-based, privately held cyber security software company also plans to open new offices around the country.

The firm currently has about 70 employees to handle its estimated 1,000 or so information technology audit projects and other projects for client companies annually. That number is expected to double in the next 12 to 18 months, said Stephanie Vanderholm, the spokeswoman.

Coalfire has customers in the financial, retail and healthcare industries and in government, the company said in a statement. It measures itself as the third-largest player in the retail security market against competitors such as Trustwave, Verizon Business and IBM’s SSC group, Vanderholm said.
"We believe that Coalfire is well positioned to take advantage of increasing IT regulatory compliance requirements and the growth in demand for third party audit services,” Jim Pavlik, a partner at Chicago-based BVP, said in a statement.

As part of the transaction, Pavlik and Benedict Rocchio, another BVP partner, will join the Coalfire board of directors. The company was founded in 2001.

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