GeoTrust secures new funding

FRAMINGHAM (03/18/2004) - GeoTrust Inc., an e-business security services vendor that bills itself as the world's second largest certificate authority next to VeriSign Inc., this week announced it has added US$3.7 million in venture funding.

The company's "E" round of venture capital brings total funding to $40.9 million since GeoTrust started up in 1998. Lead investors in the new round are St. Paul Ventures and Prism Ventures; Castile Ventures also contributed.

The company says it will use the cash influx to expand its identity management and trust services to enterprise network customers as well as expand overseas. GeoTrust offers security services to hosting companies as well as enterprise network companies.

GeoTrust also this week named industry veteran Gary Eichhorn as chairman. He previously served as CEO at Open Market, where he helped the company increase annual revenue from $1 million to $80 million.

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