Netsec secures funding, names new leader

Network Security Technologies Corp. has raised $10 million in additional financing from Mobius Venture Capital and ArrowPath Venture Capital to expand its focus on global enterprise and government customers, the company announced today.

"Building on Netsec's success to date will allow the company to be a long-term leader in the security services industry, and we are excited about the growth opportunities," said D. Rex Golding, managing director of Mobius. "With this latest investment, Netsec is clearly poised for its next stage of growth."

Netsec also has appointed Glenn Hazard as chairman and chief executive officer. Hazard helped secure the funding to support the demand for managed and professional security services.

"Despite the economic climate, Netsec is continuing to secure new customers, while growing its relationships with existing federal and enterprise clients," Hazard said.

Founded in 1998 and based in Herndon, Va., Netsec is a privately held company specializing in managed security services for global enterprise corporations and federal agencies.