TraceSecurity, a leading provider of software-as-a-service (SaaS) security compliance management solutions, today announced completion of an $8 million dollar round of Series C financing.
Maple Leaf Partners leads the round with participation of previous investors.
TraceSecurity's new round of funding will be used to increase momentum for the industry's first security compliance and risk management solution that helps clients address all of the critical components of a successful security compliance program: people, process and technology. The company will use the funding to expand sales, product development, and marketing efforts.
"TraceSecurity's platform of security compliance offerings are in wide demand by corporations," said Peter Stewart, CEO and president of TraceSecurity. "The $8 million of funding increases our reach and will enable us to help thousands of organizations facing the complex needs of data security, security best practices, and regulatory compliance."
The Series C funding comes on the heels of one of the most successful quarters in TraceSecurity's history. Strong demand for the company's security compliance services and SaaS security compliance platform continue to drive TraceSecurity's triple digit growth.
"TraceSecurity's clear leadership in the security compliance arena, strong management team, roadmap for future innovation, and triple digit sales growth year over year were primary factors in the securing of the company's largest round of funding since its inception," said Dennis Cline, Board member of TraceSecurity and Managing Partner of DMC Investments. "TraceSecurity's suite of security compliance products and services are quickly becoming the de facto standard for corporations required to meet industry regulations and best practices."